Technical analysis of GBP/USD for 07.06.2019

Technical Market Overview:

The GBP/USD bulls tried again the break through the technical resistance at the level of 1.2747 but were capped just a little below this level at 1.2740. The pull-back is still shallow and another attempt could be made, but the momentum is barely above its fifty levels, so the up move is not expected as the price might return to the downtrend any time now. The next technical support is located at the level of 1.2647.

Weekly Pivot Points:

WR3 - 1.2903

WR2 - 1.2819

WR1 - 1.2711

Weekly Pivot - 1.2636

WS1 - 1.2534

WS2 - 1.2447

WS3 - 1.2331

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.

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