Technical analysis of GBP/USD for 26/03/2019
Another trendline test was just made and not much buying power is seen
Technical market overview:
The GBP/USD pair has tested the orange trendline dynamic resistance around the level of 1.3215 but did not broke through. The Bearish Engulfing pattern was made at the end of the move up with a top at the level of 1.3245. The momentum remains neutral and so are market conditions, so the price might be trading sideways for some time until one of the important levels if violated. Any breakout below the level of 1.3157 will confirm the short-term top is in place.
Weekly Pivot Ponts:
WR3 - 1.3650
WR2 - 1.3473
WR1 - 1.3340
Weekly Pivot - 1.3164
WS1 - 1.3039
WS2 - 1.2867
WS3 - 1.2742
The market is now under the technical resistance and under the trendline, so the bias for the daytraders remains bearish and only sell orders should be opened as close as possible to the level of 1.3207 with a protective stop loss just above the level of 1.3257. The target would be the other side of the horizontal trading range, at 1.3012.
The material has been provided by InstaForex Company - www.instaforex.com