Technical analysis of GBP/USD for 17/10/2019

Technical analysis of GBP/USD for 17/10/2019

Technical market overview:

The GBP/USD pair has made another higher high at the level of 1.2875 during the ongoing bull run and it looks like the next target for bulls is seen at the level of 1.2939. The bullish move up is strong, so now the immediate technical support is seen at the level of 1.2783, so as long as the price is trading above this zone, the chances for another leg up are high. The momentum remains strong and positive, but to reverse the higher timeframe trend the bulls must break through the level of 1.2939.

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Weekly Pivot Points:

WR3 – 1.3395

WR2 – 1.3032

WR1 – 1.2877

Weekly Pivot – 1.2532

WS1 – 1.2380

WS2 – 1.2032

WS3 – 1.1859

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 1.2939 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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