Technical Market Overview:
The GBP/USD pair has invalidated the bullish impulsive scenario due to the level of 1.1988 breakout ( wave 1 and wave 2 overlap), so now the downtrend will continue. The new swing low was made at the level of 1.1450, so the market is over 500 pips below the key long -term support already. The next target for bears is hard to tell as the current price levels have not been seen since the '90s, but if the coronavirus pandemic will intensify, then the parity level (1:1 GBP: USD) is very likely. On the other hand, the nearest technical resistance is seen at the level of 1.1957.
Weekly Pivot Points:
WR3 - 1.3660
WR2 - 1.3418
WR1 - 1.2726
Weekly Pivot - 1.2493
WS1 - 1.1781
WS2 - 1.1553
WS3 - 1.0829
Trading Recommendations:
The main Elliott Wave scenario has been invalidated, so now all the bullish impulsive waves are not very likely to happen. The market will continue the downtrend towards the parity. Trade safe.
