Technical Market Overview:
The GBP/USD pair has bounced from the level of 1.2605 due to the extremely oversold market conditions and is now back in the channel. The nearest technical resistance is seen at the level of 1.2755, but the momentum is barely positive so the bounce might extend higher towards the old Pin Bar high located at the level of 1.2810. Only an impulsive breakout above this level will change the short-term bias from bearish to bullish.
Weekly Pivot Points:
WR3 - 1.3009
WR2 - 1.2910
WR1 - 1.2801
Weekly Pivot - 1.2631
WS1 - 1.2607
WS2 - 1.2502
WS3 - 1.2401
Trading Recommendations:
The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.2755. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the downtrend.
