03.05.201908:29 Forex Analysis & Reviews: Technical analysis of GBP/USD for 03.05.2019:

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Technical Market Overview:

The GBP/USD pair has tested the technical support after the Bearish Engulfing candlestick pattern was made with a top at the level of 1.3101. Currently, due to the overbought market conditions and almost neutral RSI, the market might try to break through the support at the level of 1.3017 and move towards the next technical support at the level of 1.2977 - 1.2962.

Weekly Pivots:

WR3 - 1.3137

WR2 - 1.3074

WR1 - 1.2986

Weekly Pivot: 1.2980

WS1 - 1.2827

WS2 - 1.2766

WS3 - 1.2683

Trading recommendations:

The sell orders have hit the take profit at the level of 1.3017, so well done for everyone who traded the setup. Another setup is to sell again when the price will break the support at the level of 1.3017 with a target seen at the level of 1.2977.

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