empty
 
 
11.03.2020 09:15 AM
Technical analysis of GBP/USD for 11/03/2020:

Technical Market Overview:

All the yesterday's target for the corrective wave down had been hit, but the bears were relentless and pushed the price even lower towards the level of 1.2848. This technical support level corresponds with a main channel lower line, so the price might get some support here and bounce. The overall corrective cycle had been very aggressive so far and it might last a little bit longer as the market is not in oversold conditions just yet. The next target for bears is seen at the level of 1.2823 and 1.2786.

Weekly Pivot Points:

WR3 - 1.3258

WR2 - 1.3289

WR1 - 1.3204

Weekly Pivot - 1.2969

WS1 - 1.2881

WS2 - 1.2656

WS3 - 1.2581

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is up, so all downward market moves will be treated as local corrections in the uptrend. 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 1.3512.

This image is no longer relevant

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 $1000 more!
    In April we raffle $1000 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
  • 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

Recommended Stories

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