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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 24655, member: 2617"] [B]Technical Analysis of GBP/USD for August 5, 2020:[/B] Technical Market Outlook: The up trend on GBP/USD pair is developing despite some local pull-backs as the bulls has broken through the short-term trend line resistance located around the level of 1.3080. The local high was made at the level of 1.3098 so far, but the market is bouncing from the oversold conditions, so the bulls might try to attack the recent swing high located at the level of 1.3169 soon. Only a sustained breakout below the level of 1.2980 would change the short-term market sentiment and deepen the correction towards the level of 1.2869. Weekly Pivot Points: WR3 - 1.3655 WR2 - 1.3405 WR1 - 1.3252 Weekly Pivot - 1.2996 WS1 - 1.2877 WS2 - 1.2627 WS3 - 1.2492 Trading Recommendations: On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support 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). [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200805/analytics5f2a48d292b58.jpg[/IMG] [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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