Technical Market Overview:
The GBP/USD pair has made another attempt to bounce from the extremely oversold market conditions, but the rally was quickly capped and the Fakey candlestick was made (also it looks like a Pin Bar) with a local high at the level of 1.2811. It means the bulls are still too weak to break through the technical resistance zone located between the levels of 1.2772 - 1.2788. The market is now moving sideways very close to the level of 1.2688, which is the next target for bears.
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.
