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16.10.201907:15 Forex Analysis & Reviews: Technical analysis of GBP/USD for 16/10/2019

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 pair has made another local high at the level of 1.2798 after the test of the technical support located at the level of 1.2561 was successful. The bullish move up is strong, so now the immediate technical support is seen at the level of 1.2580 - 1.2561. As long as the price is trading above this zone, the chances for another leg up are high. The momentum remains strong and positive, but to reverse the higher timeframe trend the bulls must break through the level of 1.2907.

Weekly Pivot Points:

WR3 - 1.3395

WR2 - 1.3032

WR1 - 1.2877

Weekly Pivot - 1.2532

WS1 - 1.2380

WS2 - 1.2032

WS3 - 1.1859

Trading recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2907 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3509. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.

Exchange Rates 16.10.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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