23.10.202013:37 Forex Analysis & Reviews: October 23, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Exchange Rates 23.10.2020 analysis

Intermediate-term technical outlook for the GBP/USD pair has remained bullish since bullish persistence was achieved above 1.2780 (Depicted Key-Level) on the H4 Charts.

However, On September 1, the GBPUSD pair looked overbought after such quick bullish movement while approaching the price level of 1.3475.

That's why, short-term bearish reversal was expected especially after bearish persistence was achieved below the newly-established key-level of 1.3300.

A quick bearish decline took place towards 1.2780 where considerable bullish rejection brought the pair back towards 1.3000 and 1.3100 during the past few weeks.

The current price zone of 1.3130-1.3150 (the depicted trend line) remains an Intraday Key-Zone to determine the next destination of the GBPUSD Pair.

Bullish Persistence above the mentioned price zone of 1.3100-1.3150 will probably allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested bullish pattern.

Otherwise, another bearish movement may be expressed towards the price level of 1.2840 where bullish SUPPORT exists.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.