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  • Technical analysis of GBP/USD for 10/06/2019



    Technical Market Overview:

    The GBP/USD pair did not make the breakout above the technical resistance at the level of 1.2747, just a local high was made at 1.2761. The market reversed slightly, but there is still no new low made, so the outlook is not certain for now, but due to the face that the short-term trendline dynamic resistance has not been broken as well, the outlook remains bearish. The nearest technical support is seen at the level of 1.2668.

    Weekly Pivot Points:

    WR3 - 1.2954

    WR2 - 1.2856

    WR1 - 1.2800

    Weekly Pivot Point: 1.2708

    WS1 - 1.2658

    WS2 - 1.2549

    WS3 - 1.1502

    Trading Recommendations:

    The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.

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

    Comment


    • USD/JPY to test resistance, a drop is possible!

      USDJPY to test key resistance, a drop to 1st support is possible
      Entry: 109.012
      Why it's good : 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback resistance
      Stop Loss : 109.914
      Why it's good :50% Fibonacci retracement,horizontal swing high resistance
      Take Profit : 107.854
      Why it's good: 61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal swing low support

      Analysis are provided by InstaForex

      Comment


      • GBP/USD near support, a bounce is possible!

        GBPUSD is near support, a bounce to 1st resistance is possible
        Entry: 1.2844
        Why it's good : 100% Fibonacci extension, 38.2% & 23.6% Fibonacci retracement, horizontal swing low support
        Stop Loss : 1.1256
        Why it's good :38.2% & 61.8% Fibonacci retracement,100% Fibonacci extension, horizontal swing low support
        Take Profit : 1.1342
        Why it's good: 100% Fibonacci extension, horizontal swing high resistance

        Analysis are provided by InstaForex

        Comment


        • Technical analysis of GBP/USD for 14/06/2019:

          Technical Market Overview:
          After two Pin Bar like candlestick formation around the upper consolidation boundary, the GBP/USD pair keeps trading close to the support zone located between the levels of 1.2652 - 1.2668. The momentum is barely holding the neutral fifty level and it looks like is about to go lower as well. The stochastic is in the middle of the range now, so all sum up there is no direct signal regarding the future price move now, but the support zone is tempting to be violated. In this scenario, the next target for bears is seen at level 1.2605.

          Weekly Pivot Points:
          WR3 - 1.2954
          WR2 - 1.2856
          WR1 - 1.2800
          Weekly Pivot Point: 1.2708
          WS1 - 1.2658
          WS2 - 1.2549
          WS3 - 1.1502

          Trading Recommendations:
          The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.

          Analysis are provided by InstaForex

          Comment


          • USD/CAD approaching resistance, potential reversal!

            Price is approaching its resistance where we expect to see a reversal.
            Entry : 1.3437
            Why it's good : 61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback resistance
            Stop Loss : 1.3499
            Why it's good : 78.6% Fibonacci retracement
            Take Profit : 1.3364
            Why it's good : Horizontal pullback support, 38.2% Fibonacci retracement

            News are provided by InstaForex

            Comment


            • EUR/GBP near resistance, a drop is possible!

              EURGBP is near resistance, a drop to 1st support is possible
              Entry: 0.8982
              Why it's good : 100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing high resistance
              Stop Loss : 0.9063
              Why it's good :horizontal swing high resistance
              Take Profit : 0.8791
              Why it's good: 61.8% Fibonacci extension, horizontal overlap support, 61.8% Fibonacci retracement

              Analysis are provided by InstaForex

              Comment

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