FX.co ★ Technical analysis of GBP/USD for 31/01/2020:

Technical Market Overview:

The GBP/USD pair has bounced towards the level of 1.3101 after a Pin Bar candlestick pattern has been made at the level of 1.2988. If this support level is clearly violated, then the sell-off will continue towards the level of 1.2939. The weak and negative momentum supports the bearish outlook, but the global market participants await the Brexit anyway and the market reaction to today's historical event. Please be warned that the high-risk event (Brexit) will occur soon.

Weekly Pivot Points:

WR3 - 1.3380

WR2 - 1.3270

WR1 - 1.3179

Weekly Pivot - 1.3070

WS1 - 1.2967

WS2 - 1.2843

WS3 - 1.2751

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. In order to reverse the trend from up to down in the longer term, the key level for bulls is seen at 1.2756 and it must be clearly violated. 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 1.3509.