Technical Analysis of GBP/USD for 12/03/2019
The sudden rebound was driven on the news, how long will it last?
Technical Market Overview:
The GBP/USD pair has bounced and rebounded from the technical support located at the level of 1.2959, broken the trendline and very quickly moved towards the level of 1.3258. The zone between the levels of 1.3258 – 1.3304 has not been violated, so a Pin Bar candle was made at the top on the move, which might indicate a temporary pause in the rally and a local pull-back. The first level for the pull-back is seen at the 1.3198 and if the move down is stronger, then even at 1.3108. The momentum supports the move up and so is the stochastic indicator, so after the pull-back, the price might break-through the resistance at the level of 1.3304 and head towards the level of 1.3362.
Weekly Pivot Points:
WR3 – 1.3385
WR2 – 1.3316
WR1 – 1.3123
Weekly Pivot – 1.3053
WS1 – 1.2856
WS2 – 1.2781
WS3 – 1.2654
All the sell orders opened during the pullback should be now closed and new ones can be opened anywhere between the levels of 1.3258 – 1.3304. The targets are seen at the level of 1.3108 and 1.3100.
The material has been provided by InstaForex Company – www.instaforex.com