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Technical analysis of GBP/USD for 26/04/2019

Technical Market Overview:

The GBP/USD pair has made another lower low at the level of 1.2866 on its way down. This move lower has ended up with a Hammer candlestick pattern, so we have the first indication, that the move down might be reversing from the current levels. The extremely oversold market conditions support the short-term pull-back view. The first technical resistance is seen at the level of 1.2915 and the next one is seen at the level of 1.2938 - 1.2960.

Weekly Pivot Points:

WR3 - 1.3190

WR2 - 1.3152

WR1 - 1.3051

Weekly Pivot - 1.3014

WS1 - 1.2910

WS2 - 1.2866

WS3 - 1.266

Trading recommendations:

All sell orders should be now closed and some buy orders with a protective stop loss placed just below the level of 1.2865 should be opened. Any breakout of the level of 1.2915 is bullish and another buy orders can be added.


The material has been provided by InstaForex Company -