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MT5.com - Technical analysis of GBP/USD for September 16, 2020

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Forex Analysis:::2020-09-16

Technical analysis of GBP/USD for September 16, 2020

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Overview:

Pivot : 1.2974

The GBP/USD pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 1.2726 or lower. Immediate support is seen around 1.2726. A clear break below that area could lead price to the bearish zone in the nearest term. The GBP/USD pair continues to move downwards from the level of 1.2974. The pair dropped from the level of 1.2974 (this level of 0.9965 coincides with the pivot point) to the bottom around 1.2762. The current price is set at the point of 1.2856. Today, the first resistance level is seen at 1.2974 followed by 1.3040, while daily support 1 is found at 1.2762. Also, the level of 1.2974 represents a weekly pivot point for that it is acting as major resistance this week. Amid the previous events, the pair is still in a downtrend, because the GBP/USD pair is trading in a bearish trend from the new resistance line of 1.2974 towards the first support level at 1.2762 in order to test it. If the pair succeeds to pass through the level of 1.2762, the market will indicate a bearish opportunity below the level of 1.2762. So, sell below 1.2893 with the first target at 1.2762, to test last week's bottom. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.2974. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.2762, the market will decline further to 1.2641. However, if a breakout happens at the resistance level of 1.3043, then this scenario may be invalidated.

Mourad El Keddani
Analyst InstaForex
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