Technical analysis of GBP/USD for January 29, 2020

By | January 29, 2020
InstaForex
Technical analysis of GBP/USD for January 29, 2020

Relevance up to 04:00 2020-01-30 UTC–8

analytics5e317c44c44ac.png

Overview:

Pivot point: 1.3042.

The GBP/USD pair traded above strong support at the level of 1.3011, which coincides with the 23.6.2% Fibonacci retracement level and 1.2961. This support has been rejected for four times confirming uptrend veracity. Major support is seen at the level of 1.3011 because the trend is still showing strength above it. The pair is still in the uptrend from the spot of 1.3011 and 1.3174. The GBP/USD pair is trading in a bullish trend from the last support line of 1.3011 towards the first resistance level at 1.3127 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.3127 and further to the level of 1.3174. The level of 1.3174 will act as second resistance and the double top is already set at the point of 1.3174. At the same time, if a breakout happens at the support levels of 1.3011 and 1.2961, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.

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

Performed by Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2020

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.