Technical analysis of GBP/USD for 20.05.2019

Posted On 20 May 2019

Technical Market Overview:

The GBP/USD pair continues to move lower after the technical support at the level of 1.2772 was violated. The new local low was made at the level of 1.2709, just above the technical support at the level of 1.2705. Despite the oversold market conditins, there is no sign of any trend reversal and the next target is seen at the level of 1.2666. The larger time frame trend remains down as well.

Weekly Pivot Points:

WR3 – 1.3212

WR2- 1.3121

WR1 – 1.2880

Weekly Pivot – 1.2790

WS1 – 1.2532

WS2 – 1.2453

WS3 – 1.2198

Trading Recommendations:

The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns.

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

Source:: Technical analysis of GBP/USD for 20.05.2019

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