GBP/USD technical analysis for 26/02/2019

Technical market overview:

The GBP/USD pair has made a new local high at the level of 1.3147, but the candle made on that way up was a Doji candle, which indicates a possible change of the uptrend to the downtrend. Moreover, there is a clear negative divergence between the price and the momentum oscillator, so the move down towards one of the supports located at the levels of 1.3108 or 1.3100 is coming soon.

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:

The buy orders from yesterday have hit the take profit level, so now they should be closed. Due to the Doji candlestick formation, all daytraders should open only the sell orders as close as possible to the level of 1.3140. The targets are seen at the levels of 1.3108 and 1.3100. The swing traders target is located at the level of 1.3047.

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

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