empty
 
 
27.10.2020 10:48 AM
Technical analysis of GBP/USD for October 27, 2020

This image is no longer relevant

Overview :

Yesterday, the GBP/USD pair dropped sharply from the level of 1.3107 towards 1.3018.

Now, the price is set at 1.3018. On the H1chart, the resistance of GBP/USD pair is seen at the level of 1.3056 and 1.3107.

It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.3056 and 1.2935 in coming hours.

Moreover, the price spot of 1.3056/1.3107 remains a significant resistance zone.

Therefore, there is a possibility that the GBP/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 1.3056/1.3107, sell below 1.3056 or 1.3107 with the first target at 1.2935 in order to test yesterday's bottom.

Additionally, if the GBP/USD pair is able to break out the bottom at 1.2935, the market will decline further to 1.2861 so as to test the weekly support 3. Also, it should be noticed that support 1 is seen at the level of 1.3018 which coincides the daily pivot point.

However, the price spot of 1.3056 and 1.3107 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3107 is not breached.

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 $1000 more!
    In April we raffle $1000 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