Technical analysis of GBP/USD for 21/03/2019

Technical market overview:

The GBP/USD pair has made another lower low at the level of 1.3145 as the market is slowly continuing the corrective move down towards the level of 1.3012. Despite the move down the volatility remains subdued and no major breakout occurred yet. The momentum is now bearish -to - neutral but can pick up if the volatility will increase. 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 in a consolidation phase, so it will be better to wait for a trading setup after the consolidation terminates. 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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