Technical Analysis of GBP/USD for October 29, 2020

Technical Market Outlook:

The GBP/USD pair had bounced from the key short-term technical support located at 1.2916. This level is located inside of the old main ascending channel. Currently, the bulls has managed to make a local high at the level of 1.3024, but this seems to be temporary and market might reverse any time soon. The key technical resistance seen at the level of 1.3078 is still not hit, so the bears might continue the down move.

Weekly Pivot Points:

WR3 - 1.3465

WR2 - 1.3320

WR1 - 1.3185

Weekly Pivot - 1.3039

WS1 - 1.2902

WS2 - 1.2757

WS3 - 1.2620

Trading Recommendations:

The GBP/USD pair is in the down trend on the monthly time frame, but the recent bounce from the low at 1.1411 made in the middle of March 2020 loos very strong and might be a reversal swing. In order to confirm the trend change, the bulls have to break through the technical resistance seen at the level of 1.3518. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken.

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The material has been provided by InstaForex Company - www.instaforex.com
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