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23.09.2020 10:08 AM
GBP/USD Technical Outlook for September 23, 2020

GBP/USD suffered a three-day bearish streak and appears to be sliding off from the yearly high (1.348).This pair forms a continuation pattern by breaking its previous swing low just in the middle of the significant key level 1.2740.

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The cable dropped to the lowest level since July 23rd in the previous day but a confluence 61.8% Fibonacci retracement level of its late-June to the early-September restricts immediate downside.

GBP/USD finds decent support and respects it near the lower end of an ascending trendline. This support becomes the key to watch as a daily closing beneath probably igniting a downside move.

If there is a follow-through selling pressure beyond the 1.2700 round figure, will flash on the bears' radar. This pair could then accelerate the fall further to test 1.2550 or 1.2300, a key psychological mark confluence with the Fibonacci Expansion levels .

Jan Novotny,
Analytical expert of InstaForex
© 2007-2024
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