23.09.201908:03 Forex Analysis & Reviews: Technical analysis of GBPUSD for 23/09/2019

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Technical Market Overview:

The GBP/USD pair is still moving up despite the fact, that the market is in overbought conditions and momentum is barely positive. The bears might soon start to push the prices lower and the key level for them is the technical support located at 1.2381. Any violation of this level will be a clear sign that the correction has started. Please notice the Bearish Engulfing pattern at the top of the recent move up as it might be the first clue that the correction has started already.

Weekly Pivot Points:

WR3 - 1.2753

WR2 - 1.2662

WR1 - 1.2561

Weekly Pivot - 1.2479

WS1 - 1.2378

WS2 - 1.2291

WS3 - 1.2188

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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