Technical Market Outlook:
The GBP/USD pair has made a new local low at the level of 1.2429, just above the 50% Fibonacci retracement located at 1.2410. The bounce was rather shallow and capped around the level of 1.2598, so no new swing high was made yet.
The bearish pressure intensify as the momentum is now below the level of fifty and every bounce is being used to sell the GBP for a better price. Any violation of the level of 1.2410 opens the road towards the 61% Fibonacci retracement located at 1.2350. The key short-term technical resistance is seen at 1.2617 and 1.2697.
Weekly Pivot Points:
WR3 – 1.0954
WR2 – 1.0872
WR1 – 1.0789
Weekly Pivot – 1.0707
WS1 – 1.0623
WS2 – 1.0551
WS3 – 1.0480
Trading Outlook:
The market had bounced from the key long-term technical support located at the level of 1.0336 and is heading higher. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if bullish cycle scenario is confirmed by breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0336 or below.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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