FX.co ★ GBP/USD technical analysis for 18/02/2019

GBP/USD technical analysis for 18/02/2019:

The battle of the resistance might have begun.

Technical market overview:

The GBP/USD market has bounced from the level of 1.2772 and has broken through the technical resistance at the levels of 1.2832, 1.2853 and 1.2876 (all of them are now local supports). The bulls have managed to test the key technical resistance zone located between the levels of 1.2920 - 1.2928, but they did not manage to break through it as the Shooting Star candlestick pattern was made. The momentum remains strong and positive, so bulls might have to try again to break through. The nearest technical support is seen at the level of 1.2876.

Weekly Pivot Points:

WR3 - 1.3163

WR2 - 1.3061

WR1 - 1.2979

Weekly Pivot - 1.2879

WS1 - 1.2794

WS2 - 1.2689

WS3 - 1.2606

Trading recommendations:

All of the buy orders that were bought last week in the buyback zone are now closed with profit at the level of 1.2876. If you still have any open by orders, you should close them as close as possible to the level of 1.2920 and try to open a short-term sell trade with a tight protective stop-loss order. The target is seen at the level of 1.2876.