Technical analysis of GBP/USD for 10/04/2019

Technical market overview:

The GBP/USD pair has still been trading inside of the range since the middle of the March and so far the price is just bouncing from the technical support around the level of 1.2996. The market continues trading in the middle of the range between the levels of 1.2996 - 1.3183, but the bulls are not that keen to break through the orange trend line anymore. The momentum remains neutral as neither bulls nor bears have control over the market and both sides. The breakout of the range might be severe and will likely happen on Friday after the decision regarding the Brexit will be published.

Weekly Pivot Points:

WR3 - 1.3339

WR2 - 1.3263

WR1 - 1.3130

Weekly Pivot - 1.3056

WS1 - 1.2826

WS2 - 1.2851

WS3 - 1.2712

Trading recommendations:

The global investors wait for the breakout in either direction and because the range is now very tight, the breakout might be severe. Please notice, the larget time frame trend remains bullish.

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

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