empty
 
 

19.03.201909:01 Forex Analysis & Reviews: Technical analysis of GBP/USD for 19/03/2019

Long-term review

Technical market overview:

Despite the lower low made at the level of 1.3183 not much has happened at the market. The GBP/USD pair is still moving inside of the narrow zone located between the levels of 1.3207 - 1.3304 as the horizontal correction continues after a wide swing we witnessed last week. There is no important price or candlestick pattern present currently in this market that would indicate a possible breakout in either direction. The momentum is now neutral but can pick up if the volatility will increase. The longer time frame trend remains bullish, so the bias is still to the upside and the main technical resistance is seen at the levels of 1.3362 and 1.3379.

Weekly Pivot Points:

WR3 - 1.3917

WR2 - 1.3636

WR1 - 1.3473

Weekly Pivot - 1.3224

WS1 - 1.3055

WS2 - 1.2794

WS3 - 1.2638

Trading recommendations:

The market is still in a consolidation phase, so it will be better to wait for a trading setup after the consolidation terminates. The best one would be a breakout in either direction, but due to the fact that the trend is still up, traders should prefer to buy in the local corrections and wait for the market to resume the up move. Only a sustained breakout below the level of 1.2959 would invalidate the short-term bullish bias and deepen the correction.

Exchange Rates 19.03.2019 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS
Can't speak right now?
Ask your question in the chat.