Technical Analysis of GBP/USD for October 1, 2020

Technical Market Outlook:

The GBP/USD pair has made a local pull back towards the level of 1.2816 and then the bulls has took control over the market. They have manage to push the price above the technical resistance seen at the level of 1.2926 and made a new local high at the level of 1.2948 (at the time of writing the article). The target for bulls is seen at the level of 1.2979 and 1.3017 and strong and positive momentum support this short-term outlook. The immediate technical support is seen at the level of 1.2901.

Weekly Pivot Points:

WR3 - 1.3187

WR2 - 1.3072

WR1 - 1.2894

Weekly Pivot - 1.2783

WS1 - 1.2601

WS2 - 1.2494

WS3 - 1.2312

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).

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The material has been provided by InstaForex Company - www.instaforex.com