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Technical analysis of GBP/USD for Dec 11, 2019
Technical Market Overview:
The GBP/USD pair has made another higher high located at the level of 1.3214 in overbought market conditions, but with the help of strong and positive momentum. Nevertheless, there is a Shooting Star like candlestick pattern formed at the tom fo the move up. It means the current uptrend might be turning lower as the bears are trying to take control over the market and test the nearest technical support is located at the level of 1.3101. The bulls are still in control of this market, but there are some signals of a possible uptrend reversal and the larger timeframe trend remains up as well.
Weekly Pivot Points:
WR3 – 1.3526
WR2 – 1.3331
WR1 – 1.3236
Weekly Pivot – 1.3076
WS1 – 1.2988
WS2 – 1.2812
WS3 – 1.2727
Trading recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is up. All downward moves will be treated as local corrections in the uptrend. In order to reverse the trend from up to down, the key level for bulls is seen at 1.2756 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 – 1.2224 and the key long-term technical resistance is located at the level of 1.3509.
The material has been provided by InstaForex Company – www.instaforex.com
