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09.03.2020 08:26 AM
Technical analysis of GBP/USD for 09/03/2020:

Technical Market Overview:

The GBP/USD has made another higher high at the level of 1.3121 after the bulls have managed to break out from the parallel channel and the key technical resistance located between the levels of 1.3047 - 1.3068 has been violated ( now it will act as a support for the price). Despite the overbought market conditions the momentum is still high and positive, to another leg up might occur any time now. The next target is seen at the level of 1.3017 and the immediate support is located at the level of 1.3168.

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.

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Summary
Urgency
Analytic
Sebastian Seliga
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