empty
 
 
14.02.2020 06:07 PM
February 14, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

This image is no longer relevant

Recently, new descending highs were recently demonstrated around 1.3200 and 1.3080.

However, temporary signs of bullish rejection were manifested around 1.2980-1.3000 before obvious bearish breakdown could occur.

Intraday technical outlook was supposed to remain bearish as long as the pair maintained its movement below 1.3080 (the most recently-established descending high).

Bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 where Intraday traders were advised to watch price action carefully (the lower limit of the movement channel while the pair is being oversold).

Since Monday, signs of bullish rejection have been expressed allowing the current bullish pullback to pursue towards 1.3000 which failed to offer any bearish resistance.

Instead, bullish breakout above 1.3000 is enabling further bullish advancement towards 1.3100 and probably 1.3200 where the upper limit of the channel comes to meet the pair.

This extensive bullish movement will probably occur provided that the current price level around 1.3080 gets breached to the upside soon enough.

Moreover, bullish persistence above 1.2980-1.3000 is needed to ensure further bullish advancement.

On the other hand, please note that any bearish decline towards the demand-level (the lower limit of the channel @ 1.2890) will probably fail to provide bullish support for the pair this time.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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