Technical analysis of GBP/USD for 07/02/2019

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Technical market overview:

The GBP/USD pair has fallen towards the technical support at the level of 1.2924 and has tested this level twice already. Every time the bounce was small, but the persistence of bulls is making this level quite important, so a local pullback towards the level of 1.2978 or even 1.3000 before the continuation of the downtrend would not be surprising. The extremely oversold market conditions support the short-term bullish view.

Weekly Pivot Points:

WR3 – 1.3333

WR2 – 1.3261

WR1 – 1.3158

Weekly Pivot Point – 1.3101

WS1 – 1.2987

WS2 – 1.2928

WS3 – 1.2810

Trading recommendations:

All the targets for sell orders have been hit, so those trades should be closed at a profit. Currently, the market is consolidating and we are waiting for antother treding setup to occur. It is time to wait and it is time to trade.

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

Source:: Technical analysis of GBP/USD for 07/02/2019

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