Technical Market Overview:
The GBP/USD pair has made another lower low at the level of 1.2866 on its way down. This move lower has ended up with a Hammer candlestick pattern, so we have the first indication, that the move down might be reversing from the current levels. The extremely oversold market conditions support the short-term pull-back view. The first technical resistance is seen at the level of 1.2915 and the next one is seen at the level of 1.2938 - 1.2960.
Weekly Pivot Points:
WR3 - 1.3190
WR2 - 1.3152
WR1 - 1.3051
Weekly Pivot - 1.3014
WS1 - 1.2910
WS2 - 1.2866
WS3 - 1.266
Trading recommendations:
All sell orders should be now closed and some buy orders with a protective stop loss placed just below the level of 1.2865 should be opened. Any breakout of the level of 1.2915 is bullish and another buy orders can be added.
