Technical analysis of GBP/USD for 18/03/2019

Technical market overview:

The GBP/USD pair is still moving inside of the narrow zone located between the levels of 1.3207 - 1.3304 as the horizontal correction continues after a wide swing we witnessed last week. There is no important price or candlestick pattern present currently in this market that would indicate a possible breakout in either direction. The longer time frame trend remains bullish, so the bias is still to the upside and the main technical resistance is seen at the levels of 1.3362 and 1.3379.

Weekly Pivot Points:

WR3 - 1.3917

WR2 - 1.3636

WR1 - 1.3473

Weekly Pivot - 1.3224

WS1 - 1.3055

WS2 - 1.2794

WS3 - 1.2638

Trading recommendations:

The market is still consolidation, so it will be better to wait for a trading setup after the consolidation will terminate. The best one would be a breakout in either direction, but due to the fact that the trend is still up, traders should prefer to buy in the local corrections and wait for the market to resume the up move. Only a sustained breakout below the level of 1.2959 would invalidate the short-term bullish bias and deepen the correction.

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

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