Technical Analysis of GBP/USD for 14/03/2019

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Technical Market Overview:

The GBP/USD pair is being emotional driven by the Brexit news, so it makes a wild swing up on down based on hope or fear. Just two days ago the shoot up was impressive as it touched 1.3258 – 1.3304 zone, but then suddenly the price dropped down again to test the trend line and stay in the middle of the zone for the most of the day. Yesterday a similar situation happened after the vote in the UK Parliament was made and even a new local high was made at the level of 1.3379, but then the price back down again towards the level of 1.3258. A Pin Bar candle was made and now the bulls might try to test the recent high again.

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

Trading Recommendations:

The emotion-driven market is not good for trading as it makes wild swings that do not respect the support/resistance levels and so on. No new trades should be opened now as there is no trading setup present. Stay aside for a while and wait for the breakout.

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

Source:: Technical Analysis of GBP/USD for 14/03/2019

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