empty
 
 
01.05.2019 08:38 AM
Technical analysis of GBP/USD for 01.05.2019:

Technical Market Overview:

The GBP/USD pair has broken above the orange trendline and went north to break through the 61% Fibonacci retracement at the level of 1.3029. The local high was made at the level of 1.3047 and so far there are no signs of any trend reversal. Nevertheless, the market conditions are now overbought so the price might go lower to test the support at the levels of 1.3017, 1.3000 and 1.2962.

Weekly Pivots:

WR3 - 1.3137

WR2 - 1.3074

WR1 - 1.2986

Weekly Pivot: 1.2980

WS1 - 1.2827

WS2 - 1.2766

WS3 - 1.2683

Trading recommendations:

All of the key technical resistance zones have been broken as the price made its move towards the 61% retracement. Nevertheless, this move up should be considered as a corrective pull-back in a downtrend, so the price is now at a good level to open the sell position in anticipation of the downtrend to resume.

This image is no longer relevant

Summary
Urgency
Analytic
Sebastian Seliga
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • 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
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback