Technical Analysis of GBP/USD for 13/03/2019

Technical Market Overview:

The GBP/USD pair has bounced and rebounded from the technical support located at the level of 1.2959, hit the technical resistance zone located between the levels of 1.3258 - 1.3304 and made a widespread Pin Bar candle with a long upper shadow. In the result, the price reversed back towards the broken trend line and now is trading in the middle of the range. All of this price action is the result of the Brexit decision, so there is a lot of violent, sudden and emotion-driven moves on the GBP pairs. Anyway, the price is still between the two important zones: technical resistance zone between 1.3258 - 1.3304 and technical support zone between 1.2938 - 1.2959. We are waiting for a breakout in either direction, but please remember the trend is still up.

Weekly Pivot Points:

WR3 - 1.3385

WR2 - 1.3316

WR1 - 1.3123

Weekly Pivot - 1.3053

WS1 - 1.2856

WS2 - 1.2781

WS3 - 1.2654

Trading Recommendations:

The targets for the sell orders at 1.3108 and 1.3100, which were opened from the technical resistance zone located between the levels of 1.3258 - 1.3304 are now all closed with profits. No new trades should be opened now as there is no trading setup present. Stay aside for a while and wait for the breakout.

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