FX.co ★ GBP/USD technical analysis for 07/03/2019

Technical market overview:

The GBP/USD pair has bounced from the level of 1.3100 (low at 1.3095) and after some period of consolidation made a breakout through the trendline around the level of 1.3160. This move is still a part of a corrective bounce upwards as long as the level of 1.3198 is not clearly violated. The oversold market conditions help the bulls to move the price higher, but the momentum remains neutral, so the bounce might be a quick lived one as the downtrend might still be continued soon.

Weekly Pivot Points:

WR3 - 1.3631

WR2 - 1.3485

WR1 - 1.3333

Weekly Pivot - 1.3193

WS1 - 1.3047

WS2 - 1.2894

WS3 - 1.2742

Trading Recommendations:

The anticipated local pull-back is now occurring in the market but due to the fact that the trend is still down, only sell orders should be opened on the upwards corrections. The first good level to open the sell order is seen at 1.3198.