empty
 
 
27.05.2020 08:48 AM
Technical Analysis of GBP/USD for May 27, 2020:

Technical Market Outlook:

The GBP/USD pair has bounced from the upper channel line and technical support located around the level of 1.2165 and hit the first target zone located at the level of 1.2315. The local high was made at the level of 1.2361, so the bulls are pushing through this zone and are targeting the next level seen at 1.2381. The market conditions are not overbought yet, so the odds for a bounce extension are high. The last swing low and technical support is seen at the level of 1.2072. On the other hand, the nearest technical resistance is located at the level of 1.2246.

Weekly Pivot Points:

WR3 - 1.2499

WR2 - 1.2389

WR1 - 1.2274

Weekly Pivot - 1.2176

WS1 - 1.2057

WS2 - 1.1949

WS3 - 1.1823

Trading Recommendations:

On the GBP/USD pair the main trend is down, but the reversal will be possible when the coronavirus pandemic is tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.

This image is no longer relevant

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