GBP/USD technical analysis for 28/02/2019

Technical market overview:

The Doji candlestick formation at the level of 1.3286 was invalidated and the market has made a higher high at the level of 3348 which was above the technical resistance zone located between the levels of 1.3258 - 1.3304. Nevertheless, at the end of the uptrend, the market has made another interesting candlestick formation - Shooting Star. This candlestick warns all the bulls that the uptrend might be soon terminated and the market will reverse or make a corrective pull-back towards the lower price levels.

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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