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20.09.2019 06:31 AM
Technical analysis of GBP/USD for 20/09/2019

Technical Market Overview:

The GBP/USD has made another marginal higher high at the level of 1.2561 as the rally continues. Please keep an eye on how this key level will be played by the market participants, because of the overbought conditions. The momentum remains strong and positive, so the bulls can still make pressure on higher price levels. Nevertheless, there is a clear and visible negative divergence between the price and momentum indicator, so the correction might occur any time soon. The nearest technical support is seen at the level of 1.2504 and if violated, the next one is located at 1.2381.

Weekly Pivot Points:

WR3 - 1.2885

WR2 - 1.268

WR1 - 1.2601

Weekly Pivot - 1.2422

WS1 - 1.2331

WS2 - 1.2133

WS3 - 1.2067

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2505 and it must be clearly violated. As long as the price is trading below this level, the downtrend continues towards the level of 1.2000 and below.

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