Technical analysis of GBP/USD for 27/03/2019

Technical market overview:

The GBP/USD pair has broken above the orange trendline and tested the technical resistance level at 1.3258 and then suddenly reversed back below the trendline. This market behavior might indicate a false breakout, which is now a major reversal sign for the market participants. This is why the continuation of the down move is anticipated and if the level of 1.3145 is violated, the sell-off might accelerate towards the level of 1.3012 again.

Weekly Pivot Ponts:

WR3 - 1.3650

WR2 - 1.3473

WR1 - 1.3340

Weekly Pivot - 1.3164

WS1 - 1.3039

WS2 - 1.2867

WS3 - 1.2742

Trading recommendations:

The market is now under the technical resistance and under the trendline, so the bias for the daytraders remains bearish and only sell orders should be opened as close as possible to the level of 1.3207 with a protective stop loss just above the level of 1.3258. The target would be the other side of the horizontal trading range, at 1.3012.

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