The GBP/USD pair has tried again to break through the trendline, but bulls failed again and the fakey candlestick pattern was made ( the classic pattern is Bearish Engulfing which is a trend reversal pattern). The bears pushed the prices lower towards the new local low at the level of 1.2929. Any violation of this last low will likely result in another leg down towards the level of 1.2875, which is the key technical support here.
Weekly Pivot Points:
WR3 – 1.3288
WR2 – 1.3229
WR1 – 1.3095
Weekly Pivot – 1.3031
WS1 – 1.2885
WS2 – 1.2821
WS3 – 1.2676
Trading Recommendations:
The market is moving inside of the trading below the trendline, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs. Any violation of the technical support at the level of 1.2939 will accelerate the sell-off towards the next technical support at the level of 1.2875. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Overview:
The GBP/USD pair has tried again to break through the trendline, but bulls failed again and the fakey candlestick pattern was made ( the classic pattern is Bearish Engulfing which is a trend reversal pattern). The bears pushed the prices lower towards the new local low at the level of 1.2929. Any violation of this last low will likely result in another leg down towards the level of 1.2875, which is the key technical support here.
Weekly Pivot Points:
WR3 – 1.3288
WR2 – 1.3229
WR1 – 1.3095
Weekly Pivot – 1.3031
WS1 – 1.2885
WS2 – 1.2821
WS3 – 1.2676
Trading Recommendations:
The market is moving inside of the trading below the trendline, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs. Any violation of the technical support at the level of 1.2939 will accelerate the sell-off towards the next technical support at the level of 1.2875. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: