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18.06.201907:08 Forex Analysis & Reviews: Technical analysis of GBP/USD for 18/06/2019:

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 Overview:

The GBP/USD pair has made another lower low on its way down. The low was located at the level of 1.2511, so the technical support at the level of 1.2529 has been broken. The momentum is weak and negative, so it supports the move down, but the market conditions are starting to become oversold, so some kind of the local-pull back is expected before the move down will continue. The higher time frame trend is still down and there are no signs of any trend reversal.

Weekly Pivot Points:

WR3 - 1.2846

WR2 - 1.2797

WR1 - 1.2673

Weekly Pivot - 1.2620

WS1 - 1.2493

WS2 - 1.2439

WS3 - 1.2301

Trading Recommendations:

The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and corrections should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.

Exchange Rates 18.06.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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