FX.co ★ Technical analysis of GBP/USD for 29.05.2019

Technical Market Overview:

After the failure to rally higher, the GBP/USD market reversed and now is testing the technical support at the level of 1.2668. The volatility is limited as the market trades in a narrow zone between the levels of 1.2647 - 1.2683. The momentum went back to the negative territory, so the odds for the move down are increasing. In a case of the down move continuation, the next target for bears is seen at the level of 1.2605. The larger timeframe trend remains down.

Weekly Pivot Points:

WR3 - 1.3009

WR2 - 1.2910

WR1 - 1.2801

Weekly Pivot - 1.2631

WS1 - 1.2607

WS2 - 1.2502

WS3 - 1.2401

Trading Recommendations:

The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.2755. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the downtrend.