The GBP/USD pair, after hitting the level of 1.2977 bounced back towards the nearest technical resistance at the level of 1.1334. The pair broke this level and went even higher towards the next technical resistance at the level of 1.3154 when the Pin Bar candle was made indicating a possible change of trend. Nevertheless, another move down is still on the table as the consolidation zone lower boundary is still the local technical support zone located between the levels of 1.2938 – 1.2959. The momentum is still weak and negative despite the oversold market conditions at this timeframe. No major breakout occurred since the middle of the March and the global investors are still waiting for the uptrend to continue.
Weekly Pivot Points:
WR3 – 1.3460
WR2 – 1.3363
WR1 – 1.3172
Weekly Pivot – 1.3070
WS1 – 1.2882
WS2 – 1.2787
WS3 – 1.2567
Trading recommendations:
The pair remains in the consolidation zone, so due to the oversold market conditions, the next good trade should be a buy trade with target seen at the level of 1.3157 which is the technical resistance level. All protective stop-loss orders should be placed below the level of 1.2977.
The material has been provided by InstaForex Company – www.instaforex.com
Technical market overview:
The GBP/USD pair, after hitting the level of 1.2977 bounced back towards the nearest technical resistance at the level of 1.1334. The pair broke this level and went even higher towards the next technical resistance at the level of 1.3154 when the Pin Bar candle was made indicating a possible change of trend. Nevertheless, another move down is still on the table as the consolidation zone lower boundary is still the local technical support zone located between the levels of 1.2938 – 1.2959. The momentum is still weak and negative despite the oversold market conditions at this timeframe. No major breakout occurred since the middle of the March and the global investors are still waiting for the uptrend to continue.
Weekly Pivot Points:
WR3 – 1.3460
WR2 – 1.3363
WR1 – 1.3172
Weekly Pivot – 1.3070
WS1 – 1.2882
WS2 – 1.2787
WS3 – 1.2567
Trading recommendations:
The pair remains in the consolidation zone, so due to the oversold market conditions, the next good trade should be a buy trade with target seen at the level of 1.3157 which is the technical resistance level. All protective stop-loss orders should be placed below the level of 1.2977.
The material has been provided by InstaForex Company – www.instaforex.com
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