Technical analysis of GBP/USD for 28/03/2019

Technical market overview:

Despite the bullish effort to break through the technical resistance at the level of 1.3258 again the price of GBP/USD pair is has reversed and now is trading back below the level of 1.3200. The market conditions are now clearly overbought and the momentum is neutral-to-negative, so this is why the continuation of the down move is anticipated. 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 still under the technical resistance, so the bias for the daytraders remains bearish and only sell orders should be opened as close as possible to the level of 1.3258 with a protective stop loss just above the level of 1.3268. 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