FX.co ★ 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.