Technical analysis of GBP/USD 04/10/2020
GBP/USD currency pair updated historical lows and found support at 1.1400. Where the price began to correct and now quotes are once again consolidating near resistance at 1.2460 (50% Fibo from the max for 2019.12.13 at 1.3500 to the min for 2020.03.20 at 1.1400).
On the daily and weekly charts, the pair is in a downtrend. Continuation and development of the trend begin from current levels with the opportunity to decline to 1.1400 and below. If the upward correction continues, the next and key resistance will be at the level of 1.2700 (61.8% Fibo and MA200). If GBP manages to go higher, it opens up the possibility of reaching the level of 1.3500, what may mean the beginning of a trend change in the medium and long term.
Created by Joshua Hayn