Technical analysis of GBP/USD for 07/11/2019

Technical analysis of GBP/USD for 07/11/2019

The GBP/USD pair has moved back down inside the Flag pattern zone again and currently is trading just in the middle of it, around the level of 1.2839. The next important technical support is seen at the level of 1.2783, which is the lower boundary of the Flag pattern and the price might get there very soon because of the negative and weak momentum. Please watch carefully the price action around the level of 1.2783.

Weekly Pivot Points:

WR3 – 1.3169

WR2 – 1.3078

WR1 – 1.3005

Weekly Pivot – 1.2910

WS1 – 1.2842

WS2 – 1.2734

WS3 – 1.2668

Trading recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.3000 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 – 1.2224 and the key long-term technical resistance is located at the level of 1.3509. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.

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