Technical analysis of GBP/USD for 17/04/2019

Technical Market Overview:

The GBP/USD pair keeps trading inside of the narrow consolidation zone located between the levels of 1.3000 - 1.3131. The series of Bearish Engulfing patterns around the technical resistance is indicating a possible change in the current state of affairs and a potential down move possibility. Even the momentum has dipped below the neutral level, so the move down might start any time soon.

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. The key support and resistance levels are drawn on the chart.

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