The Bearish Engulfing candlestick pattern made at the GBPUSD pair at the level of 1.3101 indicates a potential trend change. Moreover, the market conditions are now overbought and the momentum indicator is pointing down. The key technical resistance zone located between the levels of 1.3121 – 1.3131 has not been tested yet and it looks like the market is going down to test the technical support at the level of 1.3017 and 1.3000.
Weekly Pivots:
WR3 – 1.3137
WR2 – 1.3074
WR1 – 1.2986
Weekly Pivot: 1.2980
WS1 – 1.2827
WS2 – 1.2766
WS3 – 1.2683
Trading recommendations:
This move up should be considered as a corrective pull-back in a downtrend, so the price is now at a good level to open the sell position in anticipation of the downtrend to resume.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Overview:
The Bearish Engulfing candlestick pattern made at the GBPUSD pair at the level of 1.3101 indicates a potential trend change. Moreover, the market conditions are now overbought and the momentum indicator is pointing down. The key technical resistance zone located between the levels of 1.3121 – 1.3131 has not been tested yet and it looks like the market is going down to test the technical support at the level of 1.3017 and 1.3000.
Weekly Pivots:
WR3 – 1.3137
WR2 – 1.3074
WR1 – 1.2986
Weekly Pivot: 1.2980
WS1 – 1.2827
WS2 – 1.2766
WS3 – 1.2683
Trading recommendations:
This move up should be considered as a corrective pull-back in a downtrend, so the price is now at a good level to open the sell position in anticipation of the downtrend to resume.
The material has been provided by InstaForex Company – www.instaforex.com
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