Technical analysis of GBP/USD for 23/08/2019

Technical analysis of GBP/USD for 23/08/2019

Technical Market Overview:

The GBP/USD pair has broken through the technical resistance located at the level of 1.2175 and made a local high at the level of 1.2271. The technical resistance located at the level of 1.2248 has been violated as well, so the bulls are now in control of the market. The strong and positive momentum is indicating a possible move up extension towards the next technical resistance at the level of 1.2381. This is the short-term key resistance level and if violated, the correction might evolve into more trending move higher. Weekly Pivot Points:

WR3 – 1.2378

WR2 – 1.2273

WR1 – 1.2217

Weekly Pivot Point – 1.2114

WS1 – 1.2060

WS2 – 1.1953

WS3 – 1.1902

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 1.2429. As long as the price is trading below this level, the downtrend continues.

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