12.02.201910:52 Forex Analysis & Reviews: Technical analysis of GBP/USD for 12/02/2019

Technical market overview:

The GBP/USD pair has broken down through the technical support zone between the levels of 1.2920 - 1.2828 and moved down towards the next technical support at the level of 1.2853, but even this level has been violated as well. The new local low on its way down has been made at the level of 1.2844 and it looks like it is not the end of the decline. The next target is seen at the level of 1.2832 and 1.2814. The weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.3314

WR2 - 1.3207

WR1 - 1.3066

Weekly Pivot - 1.2955

WS1 - 1.2817

WS2 - 1.2712

WS3 - 1.2570

Trading recommendations:

All the targets for sell orders recommended yesterday has been hit at the level of 1.2853, so congratulations to everyone who took the trade. For today, as the downtrend continues, only sell orders should be opened again, preferabclosecloase at possible to the level of 1.2883 with a target at the levels of 1.2832 and 1.2814.