Technical Analysis of GBP/USD for July 15, 2022

Technical Market Outlook: The GBP/USD pair has been rejected from the technical resistance located at the level of 1.1933 and made a new low at the level of 1.1759 as the down trend continues. The weak and negative momentum on the daily time frame chart supports the bearish outlook and the next target for bears is located at the level of 1.1410. The supply zone located between the levels of 1.2160 - 1.2187 is still the main short-term obstacle for bulls that needs to be broken if the rally is expected to be continued.Weekly Pivot Points: WR3 - 1.2601WR2 - 1.2311WR1 - 1.2169 Weekly Pivot - 1.2022WS1 - 1.1879WS2 - 1.1732WS3 - 1.14433Trading Outlook: The price broke below the level of 1.3000 quite long time ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle after a big Pin Bar candlestick pattern was made on the weekly time frame chart. The next long term target for bears is seen at the level of 1.1410. Please remember: trend is your friend.The material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of GBP/USD for July 15, 2022

Technical Market Outlook:

The GBP/USD pair has been rejected from the technical resistance located at the level of 1.1933 and made a new low at the level of 1.1759 as the down trend continues. The weak and negative momentum on the daily time frame chart supports the bearish outlook and the next target for bears is located at the level of 1.1410. The supply zone located between the levels of 1.2160 - 1.2187 is still the main short-term obstacle for bulls that needs to be broken if the rally is expected to be continued.

analytics62d116d72f835.jpg

Weekly Pivot Points:

WR3 - 1.2601

WR2 - 1.2311

WR1 - 1.2169

Weekly Pivot - 1.2022

WS1 - 1.1879

WS2 - 1.1732

WS3 - 1.14433

Trading Outlook:

The price broke below the level of 1.3000 quite long time ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle after a big Pin Bar candlestick pattern was made on the weekly time frame chart. The next long term target for bears is seen at the level of 1.1410. Please remember: trend is your friend.

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