22.05.201907:43 Forex Analysis & Reviews: Technical analysis of GBP/USD for 22.05.2019

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Technical Market Overview:

The GBP/USD pair has made another attempt to bounce from the extremely oversold market conditions, but the rally was quickly capped and the Fakey candlestick was made (also it looks like a Pin Bar) with a local high at the level of 1.2811. It means the bulls are still too weak to break through the technical resistance zone located between the levels of 1.2772 - 1.2788. The market is now moving sideways very close to the level of 1.2688, which is the next target for bears.

Weekly Pivot Points:

WR3 - 1.3212

WR2- 1.3121

WR1 - 1.2880

Weekly Pivot - 1.2790

WS1 - 1.2532

WS2 - 1.2453

WS3 - 1.2198

Trading Recommendations:

The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next target for bears is seen at the level of 1.2668.

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