empty
 
 
21.10.2020 06:24 PM
October 21, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

This image is no longer relevant

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.

On the other hand, the GBPUSD pair looked overbought after such a 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.

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