21.02.201908:04 Forex Analysis & Reviews: GBP/USD technical analysis for 21/02/2019

GBP/USD technical analysis for 21/02/2019:

Another sign of weakness made by the market

Technical market overview:

The GBP/USD pair is sending another bearish signal despite the fact the 61% Fibonacci retracement level has been broken and a new local high was made at the level of 1.3108. The price has already broken below the technical support at 1.3042 after the Bearish Engulfing candlestick pattern was made and it looks it is going lower towards the technical support at the level of 1.3012 and 1.2996. The market conditions are overbought and the momentum is pointing to the downside, which again supports the short-term bearish outlook.

The larger time frame trend is still down, so any spikes up should be treated as a local upward correction during the downtrend.

Weekly Pivot Points:

WR3 - 1.3163

WR2 - 1.3061

WR1 - 1.2979

Weekly Pivot - 1.2879

WS1 - 1.2794

WS2 - 1.2689

WS3 - 1.2606

Trading recommendations:

The sell orders should still be kept open. The first target is seen at the level of 1.3012 and 1.3000. In a case of any breakout lower, the next target is seen at the level of 1.2958.