Technical analysis of GBP/USD for 18/04/2019

Technical Market Overview:

The GBP/USD pair is still trading inside of the narrow horizontal zone located between the levels of 1.3020 - 1.3060 after the volatility dropped to extremely low levels. This range is a part of a larger consolidation located between the levels of 1.2996 - 1.3131 and only a breakout out of the range would give some life to the markets as the momentum keeps hovering around the neutral level since the beginning of the week.

Weekly Pivot Points:

WR3 - 1.3225

WR2 - 1.3177

WR1 - 1.3116

Weekly Pivot - 1.3067

WS1 - 1.3006

WS2 - 1.2961

WS3 - 1.2904

Trading Recommendations:

The best trading strategy for this market for daytraders is to trade the oversold/overbought conditions and support-resistance levels. The swing traders must stay patient and wait for a breakout. The key support and resistance levels are drawn on the chart.

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

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