FX.co ★ Technical analysis of GBP/USD for 06/03/2020:

Technical Market Overview:

The GBP/USD pair has made another higher high at the level of 1.2962 after the bulls have managed to break out from the parallel channel. 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 1.2939. The key technical resistance is still seen between the levels of 1.3047 - 1.3068.

Weekly Pivot Points:

WR3 - 1.3239

WR2 - 1.3125

WR1 - 1.2954

Weekly Pivot - 1.2840

WS1 - 1.2657

WS2 - 1.2545

WS3 - 1.2353

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 1.3512.