GBP/USD analysis for March 08, 2019

GBP/USD has been trading downwards. Strong bearish momentum is present.

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According to the H4 time – frame, we found that sellers are in control and that there is the breakout of the bearish flag pattern in the background, which I sign of bearish continuation. Short-term resistance is seen at the price of 1.3107. Short term supports are seen at 1.2970 and 1.2900.

Trading recommendation: We are bearish on GBP from 1.3100 but we plan to add smaller position on the rally and hold it till potential test of 1.2970. Protective stop is placed at 1.3110.

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

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