Technical Analysis of GBP/USD for September 16, 2020

Technical Market Outlook:

The GBP/USD pair has hit the short-term trend line resistance located at the level of 1.2900. This is the key level and the key resistance due to the fact, that any violation of this line will put bulls in control of the market and another wave up will develop. For now, the immediate technical resistance is seen at the level of 1.2979 – 1.3017 and it should stop any bullish attempts. The intraday technical support is seen at the levels of 1.2869, 1.2848 and 1.2816.

Weekly Pivot Points:

WR3 – 1.3535

WR2 – 1.3399

WR1 – 1.3036

Weekly Pivot – 1.2895

WS1 – 1.2525

WS2 – 1.2380

WS3 – 1.1994

Trading Recommendations:

On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. The key long-term technical resistance is still seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518 is the reversal level) or accelerate towards the key long-term technical support is seen at the level of 1.1903 (1.2589 is the key technical support for this scenario).

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