Technical analysis of GBP/USD for 0/02/2019

Technical analysis of GBP/USD for 0/02/2019:

The psychological level of 1.3000 has been violated as the market goes lower

Market technical overview:

The GBP/USD pair has broken below the psychological level of 1.3000 and made a new local low at the level of 1.2923, just below the technical support at the level of 1.2928. At this level, there is the long-term trend line support located as well (marked in orange), so this level will be harder for bears th break.

After the decrease, the market is consolidating in a narrow range and there is a possible pull-back towards the technical resistance at the level of 1.3000 1.3012 to occur shortly. The key technical resistance is now the zone between the levels of 1.3042 - 1.3055.

Weekly Pivot Points:

WR3 - 1.3333

WR2 - 1.3261

WR1 - 1.3158

Weekly Pivot Point - 1.3101

WS1 - 1.2987

WS2 - 1.2928

WS3 - 1.2810

Trading recommendations:

All of the target for sell orders has been hit, so those trades should be closed with profit. Currently, the ma merket is consolidating and we are waiting for antother treding setup to occur.

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