Technical analysis of GBP/USD for 06.05.2019

Posted On 06 May 2019

Technical Market Overview:

The GBP/USD pair has broken above the technical resistance zone at the level of 1.3131 and made a local new high at the level of 1.3175. Just before this move, the Pin Bar candlestick pattern was made and the bulls had broke through the short-term trend line resistance on their way up. Currently, the pair is testing the technical support at the level of 1.3121 and it might be ready to continue the move upwards towards the technical resistance at the level of 1.3196 – 1.3207 soon.

Weekly Pivot Points:

WR3 – 1.3556

WR2 – 1.3373

WR1 – 1.3290

Weekly Pivot – 1.3079

WS1 – 1.3017

WS2 – 1.2819

WS3 – 1.2743

Trading Recommendations:

After the big up candle, the best trading strategy for daytraders is to buy the local pull-back in anticipation of the up move to continue towards the level of 1.3207. No indication of any trend change yet, so only buy orders should be in play.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of GBP/USD for 06.05.2019:

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