The GBP/USD pair did not make the breakout above the technical resistance at the level of 1.2747, just a local high was made at 1.2761. The market reversed slightly, but there is still no new low made, so the outlook is not certain for now, but due to the face that the short-term trendline dynamic resistance has not been broken as well, the outlook remains bearish. The nearest technical support is seen at the level of 1.2668.
Weekly Pivot Points:
WR3 – 1.2954
WR2 – 1.2856
WR1 – 1.2800
Weekly Pivot Point: 1.2708
WS1 – 1.2658
WS2 – 1.2549
WS3 – 1.1502
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Overview:
The GBP/USD pair did not make the breakout above the technical resistance at the level of 1.2747, just a local high was made at 1.2761. The market reversed slightly, but there is still no new low made, so the outlook is not certain for now, but due to the face that the short-term trendline dynamic resistance has not been broken as well, the outlook remains bearish. The nearest technical support is seen at the level of 1.2668.
Weekly Pivot Points:
WR3 – 1.2954
WR2 – 1.2856
WR1 – 1.2800
Weekly Pivot Point: 1.2708
WS1 – 1.2658
WS2 – 1.2549
WS3 – 1.1502
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: