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06.08.201907:37 Forex Analysis & Reviews: Technical analysis of GBP/USD for 06/08/2019:

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:

The GBP/USD market is continuing the horizontal consolidation in a narrow range as it still does not have enough upward momentum to break through the lower trendline boundary located around the level of 1.2220. The bears have pushed the prices lower again and the technical support at the level of 1.2118 will be tested soon. The lower boundary of the support zone located at the level of 1.2077 is the most important support for the short-term outlook in this pair. The momentum indicator remains weak nad negative, which, despite oversold market conditions, indicates a further possible spike towards the level of 1.1983. The trend is still down and there are no signs of a trend reversal yet.

Weekly Pivot Points:

WR3 - 1.2595

WR2 - 1.2485

WR1 - 1.2298

Weekly Pivot - 1.2184

WS1 - 1.1983

WS2 - 1.1676

WS3 - 1.0876

Trading Recommendations:

The best strategy for the current market conditions is to follow the larger timeframe trend. The larger time frame trend is still down and there are no signs of any trend reversal. The key long-term technical support at the level of 1.2420 has been violated and the next target for bears is seen at the level of 1.2100 and 1.1983. All the corrections are just the local correction inside of a downtrend.

Exchange Rates 06.08.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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