FX.co ★ GBP/USD technical analysis for 08/03/2019

Technical market overview:

After the bounce from the technical support at the level of 1.3100, the GBP/USD pair rallied up towards the trend line (marked in orange) and slightly broke it establishing the local high at the level of 1.3184. Nevertheless, the price quickly reversed due to the Bearish Engulfing candlestick pattern and went down towards the level of 1.3100 and broke through it. The new local low after the false breakout was made at the level of 1.3066 and the next low is seen at the level of 1.3012.

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:

All the sell orders opened during the pullback should be still in play with the target at the level of 1.3012. Please use a tight protective stop-loss and trial the order if needed as well.