GBP/USD technical analysis for 05/03/2019

Technical market overview:

The GBP/USD pair has hit the first target for the bears at the level of 1.3155. The next targets are seen at the levels of 1.3139 and 1.3127, but they might be harder to break as they are a wall of supports down there, so the bulls will be defending these levels. Any breakout below them will directly expose the technical support zone of 1.3100 - 1.3108 for a test. Please notice, that despite the oversold market conditions the momentum is still weak and negative, so the down move should continue until some indication of a reversal/bounce is visible.

Weekly Pivot Points:

WR3 - 1.3631

WR2 - 1.3485

WR1 - 1.3333

Weekly Pivot - 1.3193

WS1 - 1.3047

WS2 - 1.2894

WS3 - 1.2742

Trading Recommendations:

The first target level for sell orders for daytraders has been hit at 1.3155, so 1.3139 and 1.1327 are next. As long as the 38% Fibonacci retracement at the level of 1.3120 is not clearly violated there is still a pretty good chance for the trend resumption in the nearest future. All longer-term buy orders from the last week should be still kept open.

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

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