empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

21.05.201907:19 Forex Analysis & Reviews: Technical analysis of GBP/USD for 21.05.2019

Long-term review
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 is still trading close to the technical support at the level of 1.2705, but no breakout was made yes as the market conditions are extremely oversold. Moreover, the price is still out of the channel zone and does not look like the bulls have enough power to get back to the channel. This behavior might indicate their weakness and inability to bounce higher. The bears will take advantage of this situation by trying to push the prices lower towards the level of 1.2668 soon.

Weekly Pivot Points:

WR3 - 1.3212

WR2- 1.3121

WR1 - 1.2880

Weekly Pivot - 1.2790

WS1 - 1.2532

WS2 - 1.2453

WS3 - 1.2198

Trading Recommendations:

The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next target for bears is seen at the level of 1.2668.

Exchange Rates 21.05.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off