Technical analysis of GBP/USD for 16/04/2019

Technical Market Overview:

The GBP/USD pair remains locked inside of very narrow zone located between the levels of 1.3122 - 1.3035 and there has been over a month without any important move up or down. The key technical support zone is seen between the levels of 1.2938- 1.12960 and the key technical resistance zone is located between the levels of 1.3258 - 1.3305. The momentum remains neutral and so are the market conditions.

Weekly Pivot Points:

WR3 - 1.3225

WR2 - 1.3177

WR1 - 1.3116

Weekly Pivot - 1.3067

WS1 - 1.3006

WS2 - 1.2961

WS3 - 1.2904

Trading Recommendations:

The best trading strategy for this market for daytraders is to trade the oversold/overbought conditions and support-resistance levels. The swing traders must stay patient and wait for a breakout.

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