Technical analysis of GBP/USD for 08/02/2019

Technical analysis of GBP/USD for 08/02/2019:

Technical market overview:

The GBP/USD pair has broken the technical support at the level of 1.2924 and made a new local low at the level of 1.2853. Then the pair made a strong bounce, that ended up at the level of 1.2995 with a candlestick pattern called Shooting Star. The reaction up from the level of 1.2853 was very strong and a big Bullish Engulfing candlestick pattern was made. Currently, the pair is consolidating the recent gains just above the support at 1.2924 again. The next target for bulls is seen at the level of 1.3012.

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:

The market is consolidating and we are waiting for another trading setup to occur. The more aggressive traders can open a sell orders form a current market level with protective stops just above the level of 1.3012. Target is open for now, but the first TP is seen at 1.2853.

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