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FX.co ★ September 18, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

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Forex Analysis:::2020-09-18

September 18, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

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The GBPUSD pair was showing lack of sufficient bullish momentum to pursue above the price level of 1.3000. That's why, bearish persistence below 1.3000 enabled further bearish decline initially towards 1.2800 where priceIntermediate-term technical outlook for the GBP/USD pair has remained bullish since bullish persistence was maintained above 1.2780 (Depicted KeyLevel) on the H4 Charts.

On the other hand, the GBPUSD pair looked overbought after such a quick bullish movement while approaching the price level of 1.3475.

That's why, short-term bearish reversal was expected especially after bearish persistence was achieved below the key-level level of 1.3300.

A quick bearish decline towards 1.2900 where significant bullish recovery was recently expressed.

The price zone of 1.3130-1.3150 (the backside of the broken trend) remains an Intraday Key-Zone to offer bearish pressure if retested again soon.

However, the GBPUSD pair is showing lack of sufficient bullish momentum to pursue above the price level of 1.3000.

That's why, bearish persistence below 1.3000 enabled further bearish decline initially towards 1.2800 where bullish recovery was manifested earlier this week.

Trade recommendations :

Conservative traders are advised to wait for bullish pullback towards 1.3130-1.3150 (the backside of the broken trend) as a valid SELL Entry.

Initial T/p level is to be located around 1.3050 and 1.2900 if sufficient bearish pressure is maintained.

On the other hand, bullish persistence above 1.3200 invalidates this trading scenario.

Mohamed Samy
Analyst InstaForex
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