FX.co ★ Technical analysis of GBP/USD for 14/02/2019

Technical market overview:

The GBP/USD pair has made a Pin Bar candlestick that has a very big spread and looks really impresive (and somewhat scary) at the H4 time frame chart. This candle has made the high at the level of 1.2957 which was above the technical resistance zone of 1.2920 - 1.2928, but the candle has closed at the level of 1.2893 anyway. So the breakout was a false one and now the price is still testing the lower levels of the price range, very close tot he techncial support at the level of 1.2832. The market conditions remains bearish and the momentum is weak and negative. Lower prices are expected again soon.

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 sell orders from yesterday has hit the projected take profit level at 1.2860. Currently, there is no good trading setup for shorts so it is better to stand aside for a while and eveluate the situation. Please notice that currently, this is not the best level to open long-term sell orders as the corrective bounce might be still developing.