Technical analysis of GBP/USD for Oct 28, 2019

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Technical Market Overview:

The GBP/USD pair is being locked in a narrow horizontal range located between the levels of 1.2783 – 1.2865. The volatility gets very limited and market prticipants await a breakout in any direction. Despite the neutral momentum, the bears are getting more active and try to push the prices lower towards the next technical support located at the level of 1.2783. The key technical support is still located at the level of 1.2561. The larger timeframe trend remains bearish.

Weekly Pivot Points:

WR3 – 1.3149

WR2 – 1.3068

WR1 – 1.2923

Weekly Pivot – 1.2842

WS1 – 1.2710

WS2 – 1.2624

WS3 – 1.2478

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. In order to reverse the trend from down to up, the key level for bulls is seen at 1.3000 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. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.

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

Source:: Technical analysis of GBP/USD for 28/10/2019

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