Technical Market Overview:
The GBP/USD pair has moved lower as anticipated and almost tested the technical support at the level of 1.2605 before a small bounce was made. The momentum is weak and negative, so the short-term outlook remains bearish. The volatility is getting low, but the bearish pressure is visible. The larger timeframe trend remains down and new lows are anticipated as there are no signs of trend reversal yet.
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.
