Technical analysis of GBP/USD for 19/04/2019

Technical Market Overview:

We finally have some movement on the GBP/USD pair. The market has broken below the technical support at the level of 1.3012 and 1.2996. Currently, the price has hit technical support at the level of 1.2977 and bounced a little. It looks like the down move has not been finished yet despite the oversold market conditions as the momentum remains weak and negative. The next target for bears is seen at the level of 1.2960 - 1.2930 (key technical support zone).

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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