Technical analysis of GBP/USD for 24.05.2019

Technical Market Overview:

On the GBP/USD market the downtrend is continued and the bears have pushed the price below the level os 1.2614. The bounce was very shallow and the price did not break the technical resistance at the level of 1.2683. It means the bulls are still too weak to start any meaningful upward correction and the move down continues despite extremely oversold conditions. The next target is seen at the level of 1.2529.

Weekly Pivot Points:

WR3 - 1.3212

WR2- 1.3121

WR1 - 1.2880

Weekly Pivot - 1.2790

WS1 - 1.2532

WS2 - 1.2453

WS3 - 1.2198

Trading Recommendations:

The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next target for bears is seen at the level of 1.2529.

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