GBP/USD technical analysis for 27/02/2019

Technical market overview:

The Doji candlestick formation at the level of 1.3140 was invalidated, the same happened with the next Doji candlestick and the price has hit the technical resistance zone located between the levels of 1.3258-1.3304. The next Doji candlestick formation was made again, so it might look like the third time lucky signal. 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 1.3217 or 1.3155 is coming soon. The key technical support is located at the level of 1.3100.

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 Doji candlestick formation, all daytraders should open only the sell orders as close as possible to the level of 1.3270. The targets are seen at the levels of 1.3217 and 1.3155. 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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