No major breakout occurred since the middle of the March at the GBP/USD market and the global investors are still waiting for the uptrend to continue. 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. The larger time frame trend, like daily and weekly, remains bullish.
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 short-term buy trade with the target at the level of 1.3157 should now be closed with profit and there is no setup to open another position for now. Patience.
The material has been provided by InstaForex Company – www.instaforex.com
Technical market overview:
No major breakout occurred since the middle of the March at the GBP/USD market and the global investors are still waiting for the uptrend to continue. 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. The larger time frame trend, like daily and weekly, remains bullish.
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 short-term buy trade with the target at the level of 1.3157 should now be closed with profit and there is no setup to open another position for now. Patience.
The material has been provided by InstaForex Company – www.instaforex.com
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