GBP/USD technical analysis for 25/02/2019:
Consolidation continues as the trend line makes the bounce possible for bulls
Technical market overview:
The GBP/USD pair is still trading in a horizontal consolidation between the levels of 1.3052 – 1.3100 after the long-term trend line dynamic support at the level of 1.3000 has prevented further losses. The bounce from the level of 1.2967 was so far quite shallow and no new important development was made. The positive indication for bulls is the Bullish Engulfing candlestick pattern made after the trend line was done, which suggest the further move up towards the technical resistance at the level of 1.3108 is on the table.
Weekly Pivot Points:
WR3 – 1.3379
WR2 – 1.3241
WR1 – 1.3168
Weekly Pivot – 1.3018
WS1 – 1.2944
WS2 – 1.2805
WS3 – 1.2718
The buy orders should still be kept open with a protective stop losses orders placed just below the support at the level of 1.2937. The first target is still seen at the level of 1.3108.
The material has been provided by InstaForex Company – www.instaforex.com