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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 20403, member: 2617"] [B]Technical Analysis of GBP/USD for June 17, 2020:[/B] [IMG]https://forex-images.ifxdb.com/userfiles/20200617/analytics5ee9b4cf86c10.jpg[/IMG] Technical Market Outlook: The GBP/USD price moved towards the 61% Fibonacci retracement located at the level of 1.2674, but bulls was not strong enough to break through it and the price reversed. The market conditions are now bouncing from the oversold levels, so the bulls might risk another wave up from the current levels towards the nearest technical resistance seen at the level of 1.2747. Nevertheless, they have to violate the level of 1.2674 first. The immediate technical support is seen at the level of 1.2645. Weekly Pivot Points: WR3 - 1.3034 WR2 - 1.2910 WR1 - 1.2681 Weekly Pivot - 1.2581 WS1 - 1.2343 WS2 - 1.2226 WS3 - 1.2014 Trading Recommendations: On the GBP/USD pair the main trend is down, but the local up trend continues. 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. [I][URL=https://www.instaforex.com/forex_analysis]Analysis are provided by[B][COLOR=Red]Insta[/COLOR]Forex[/B].[/URL][/I] [/QUOTE]
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