The GBP/USD pair has made another lower low after the Fakey candlestick pattern has been made twice around the level of 1.3039 recently. The bears have broken below the technical support at the levels of 1.2988 and 1.2939 and the new low was made at the level of 1.2900. The target is seen at the level of 1.2875 – 1.2865 and the negative and weak momentum is supporting the bearish case.
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 below the trendline, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs. The target level is seen at 1.2875.1.2865 zone. 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 made another lower low after the Fakey candlestick pattern has been made twice around the level of 1.3039 recently. The bears have broken below the technical support at the levels of 1.2988 and 1.2939 and the new low was made at the level of 1.2900. The target is seen at the level of 1.2875 – 1.2865 and the negative and weak momentum is supporting the bearish case.
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 below the trendline, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs. The target level is seen at 1.2875.1.2865 zone. 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
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