Technical analysis of GBP/USD for Dec 11, 2019

analytics5df0851d0fa06.jpg

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

Source:: Technical analysis of GBP/USD for 11/12/2019:

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*