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FX.co ★ Technical Analysis of GBP/USD for October 8, 2020

Technical Analysis of GBP/USD for October 8, 2020

Technical Market Outlook:

The GBP/USD pair has bounced from the upper channel line seen at the level of 1.2848 and made a set of two Pin Bar candles. This indicated some bullish pressure at this level and the upper channel line is being guarded strongly. However, if the price will enter the old main channel zone, then the sell-off might accelerate, so the key technical support is again seen at the level of 1.2848. The next target for bulls after the bounce is seen at the level of 1.2979.

Weekly Pivot Points:

WR3 - 1.3265

WR2 - 1.3116

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WR1 - 1.3034

Weekly Pivot - 1.2892

WS1 - 1.2811

WS2 - 1.2658

WS3 - 1.2571

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).

Technical Analysis of GBP/USD for October 8, 2020

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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