Technical Analysis of GBP/USD for 12/03/2019
March 12, 2019 8:26 amVideo
Latest News
- Forecast for EUR/USD on May 27, 2024 May 27, 2024
- Forecast for GBP/USD on May 27, 2024 May 27, 2024
- Forecast for USD/JPY on May 27, 2024 May 27, 2024
- Trading plan for GBP/USD on May 27. Simple tips for beginners May 27, 2024
- Trading plan for EUR/USD on May 27. Simple tips for beginners May 27, 2024
- Analysis of EUR/USD pair on May 24, 2024 May 24, 2024
- Analysis of GBP/USD pair on May 24th. Another British report showed weakness, but who cares? May 24, 2024
- USD/JPY: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- GBP/USD: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- EUR/USD: Simple trading tips for novice traders for May 24th (US session) May 24, 2024
- GBP/USD: trading plan for the US session on May 24th (analysis of morning deals). Sellers missed 1.2700 May 24, 2024
- EUR/USD: trading plan for the US session on May 24th (analysis of morning deals). The euro is not going to give up May 24, 2024
- EUR/USD. May 24th. The bears are starting to go on the offensive May 24, 2024
- Forecast of GBP/USD pair on May 24, 2024 May 24, 2024
- Trading Signals for EUR/USD for May 24-28, 2024: sell below 1.0864 (200 EMA – 21 SMA) May 24, 2024
- Trading Signals for GOLD (XAU/USD) for May 24-28, 2024: buy above $2,333 (200 EMA – oversold) May 24, 2024
- Weekly Forex Outlook: 24/05/2024 – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
- Technical Analysis – Is the pause in NGAS a warning signal? May 24, 2024
- Technical Analysis – USDCAD eases slightly after bullish rally May 24, 2024
- Week Ahead – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
Technical Analysis of GBP/USD for 12/03/2019
The sudden rebound was driven on the news, how long will it last?
Technical Market Overview:
The GBP/USD pair has bounced and rebounded from the technical support located at the level of 1.2959, broken the trendline and very quickly moved towards the level of 1.3258. The zone between the levels of 1.3258 – 1.3304 has not been violated, so a Pin Bar candle was made at the top on the move, which might indicate a temporary pause in the rally and a local pull-back. The first level for the pull-back is seen at the 1.3198 and if the move down is stronger, then even at 1.3108. The momentum supports the move up and so is the stochastic indicator, so after the pull-back, the price might break-through the resistance at the level of 1.3304 and head towards the level of 1.3362.
Weekly Pivot Points:
WR3 – 1.3385
WR2 – 1.3316
WR1 – 1.3123
Weekly Pivot – 1.3053
WS1 – 1.2856
WS2 – 1.2781
WS3 – 1.2654
Trading Recommendations:
All the sell orders opened during the pullback should be now closed and new ones can be opened anywhere between the levels of 1.3258 – 1.3304. The targets are seen at the level of 1.3108 and 1.3100.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: