Technical analysis of GBP/USD for 11/02/2019

Technical market overview:

The GBP/USD pair is continuing the sideways movement after the rally towards the technical resistance has failed at the level of 1.2996 and the Shooting Star candlestick pattern was made. Since then the market has been going down towards the level of 1.2920 support as the bullish momentum decreased and is still weak and negative. More downside movement is expected if this level of 1.2920 is violated again and the first step towards the violation was made in a form of a local Bearish Engulfing candlestick pattern.

Weekly Pivot Points:

WR3 - 1.3314

WR2 - 1.3207

WR1 - 1.3066

Weekly Pivot - 1.2955

WS1 - 1.2817

WS2 - 1.2712

WS3 - 1.2570

Trading recommendations:

Due to the downtrend continuation, the traders should open only sell orders in the are between the levels of 1.2950 - 1.12996 with a target at the level of 1.2853 and below. Any violation of the level of 1.2920 let to open sell stop orders placed at from the level of 1.2919.

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