FX.co ★ Technical analysis of GBP/USD for 15/02/2019

Technical analysis of GBP/USD for 15/02/2019:

Another lower low was made and the downtrend continues.

Technical market overview:

The GBP/USD pair has made a new local low at the level of 1.2772 after the technical support at the level of 1.2812 had been violated. The market bounced after the Pin Bar candle was made, but the pull-back was shallow and the price is starting to reverse again after hitting the level of 1.2812 (high at 1.2821). The nearest technical support is seen at the level of 1.2788 and the key technical support is seen at 1.2772. The market conditions remain 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 have hit the projected take profit level at 1.2812. Please notice that currently, this is not the best level to open long-term sell orders as the corrective bounce might be still developing and head towards the level of 1.2832 before the downtrend resumes. This is why the level of 1.2832 is the next good level to open the sell orders and join the downtrend.