Technical analysis of GBP/USD for 25/04/2019

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Technical Market Overview:

The GBP/USD pair has broken the technical support zone located between the levels of 1.2960 – 1.2938 and after a failed attempt to rally higher made a new local low at the level of 1.2888, just above the technical support at the level of 1.2895.The main resistance for bulls is currently located at the level of 1.2938. The market conditions are now oversold, so the market might develop a local pull-back towards the technical resistance.

Weekly Pivot Points:

WR3 – 1.3190

WR2 – 1.3152

WR1 – 1.3051

Weekly Pivot – 1.3014

WS1 – 1.2910

WS2 – 1.2866

WS3 – 1.266

Trading recommendations:

All sell orders should be now closed as the target level at 1.2985 has been hit. Daytraders should wait for another trading setup to occur shortly.

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

Source:: Technical analysis of GBP/USD for 25/04/2019

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