Technical analysis of GBP/USD for 02.05.2019:

Technical Market Overview:

The Bearish Engulfing candlestick pattern made at the GBPUSD pair at the level of 1.3101 indicates a potential trend change. Moreover, the market conditions are now overbought and the momentum indicator is pointing down. The key technical resistance zone located between the levels of 1.3121 - 1.3131 has not been tested yet and it looks like the market is going down to test the technical support at the level of 1.3017 and 1.3000.

Weekly Pivots:

WR3 - 1.3137

WR2 - 1.3074

WR1 - 1.2986

Weekly Pivot: 1.2980

WS1 - 1.2827

WS2 - 1.2766

WS3 - 1.2683

Trading recommendations:

This move up should be considered as a corrective pull-back in a downtrend, so the price is now at a good level to open the sell position in anticipation of the downtrend to resume.

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