Technical analysis of GBP/USD for August 16, 2019

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Technical Market Overview:

The GBP/USD pair has been trading inside of a narrow range for the whole week, but just recently the bulls have managed to move the price a little bit higher towards the level of 1.2118. This level has been violated and the local high was made at the level of 1.2148. Nevertheless, the price is still trading below the short-term descending trendline, so only if this line is violated the bulls will get the chance to lift the prices toward the next target levels located at 1.2209 and 1.2248.

Weekly Pivot Points:

WR3 – 1.2303

WR2 – 1.2249

WR1 – 1.2110

Weekly Pivot – 1.2066

WS1 – 1.1921

WS2 – 1.1875

WS3 – 1.1728

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. Please keep an eye on the key technical support located at the level of 1.1988, some kind of bounce might be expected after this level is hit.

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

Source:: Technical analysis of GBP/USD for 16/08/2019:

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