Technical analysis of GBP/USD for 11/06/2019:

Technical Market Overview:

The GBP/USD pair made a quick dip below the technical support at the level of 1.2668 and then bounced slightly, but not for long as well. The bears had started to make pressure on prices and now are trying to push the prices lower towards the level of 1.2647. The momentum is barely holding the neutral fifty level and it looks like is about to go lower as well. The stochastic is on its way towards the lower boundary already. Time for the bears to finish the move down.

Weekly Pivot Points:

WR3 - 1.2954

WR2 - 1.2856

WR1 - 1.2800

Weekly Pivot Point: 1.2708

WS1 - 1.2658

WS2 - 1.2549

WS3 - 1.1502

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.


The material has been provided by InstaForex Company -