Technical Market Overview:
The GBP/USD pair is still trading close to the technical support at the level of 1.2705, but no breakout was made yes as the market conditions are extremely oversold. Moreover, the price is still out of the channel zone and does not look like the bulls have enough power to get back to the channel. This behavior might indicate their weakness and inability to bounce higher. The bears will take advantage of this situation by trying to push the prices lower towards the level of 1.2668 soon.
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.
