GBP/USD technical analysis for 01/03/2019

Technical market overview:

The Shooting Star candlestick pattern has helped to push the prices back to the old technical resistance zone (now support) and the price is now testing this zone as it moves in a narrow consolidation between the levels of 1.3258 - 1.3304. Nevertheless, the clear and visible bearish divergence between the price and the momentum oscillator might push the price out of the trading range towards the level of 1.3217 - 1.3198 and the overbought trading conditions are supporting this kind of market behavior. The short-term trend (since 13th Feb low) remains up and the move down should be considered only as a local pull-back in an uptrend for now.

Weekly Pivot Points:

WR3 - 1.3379

WR2 - 1.3241

WR1 - 1.3168

Weekly Pivot - 1.3018

WS1 - 1.2944

WS2 - 1.2805

WS3 - 1.2718

Trading recommendations:

Due to the Shooting Star candlestick formation, all daytraders should open only the sell orders as close as possible to the level of 1.3360. The targets are seen at the levels of 1.3258 and 1.3217. The swing traders' target is located at the level of 1.3100.

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

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