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17.05.201906:14 Forex Analysis & Reviews: Technical analysis of GBP/USD for 17/05/2019:

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Overview:

There is no rest for the bears on the GBP/USD pair as the market keeps doing the lower lows in the downtrend despite the extremely oversold conditions. The price just recently hit the technical support at the level of 1.2788 after a series of down candles were made in order the break out of the channel. The momentum is still weak and negative, so the next target for bears is located at the level of 1.2772.

Weekly Pivot Points:

WR3 - 1.3288

WR2 - 1.3229

WR1 - 1.3095

Weekly Pivot - 1.3031

WS1 - 1.2885

WS2 - 1.2821

WS3 - 1.2676

Trading Recommendations:

The market is moving below the trendline, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs. All the targets for this week have been hit already, so. please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.

Exchange Rates 17.05.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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