Technical Market Outlook:
The GBP/USD pair has been locked in a wide range located between the levels of 1.1412 - 1.1957 and the Pin Bar candlestick pattern had been made around the level of 1.1957 recently. This means the downtrend is not over yet as the bearish pressure is still visible. Please notice the extremely oversold market conditions on the H4 time frame chart and weak and negative momentum. The larger time frame downtrend continues, but soon it might be a time for a relief rally on Cable. All we need is the momentum to pick up above the neutral level.
Weekly Pivot Points:
WR3 - 1.3144
WR2 - 1.2765
WR1 - 1.2140
Weekly Pivot - 1.1761
WS1 - 1.1090
WS2 - 1.0741
WS3 - 1.0112
Trading Recommendations:
The downtrend will likely be continued towards the parity level. All upward moves will be treated as local corrections in the downtrend until the level of 1.1983 is clearly violated. The long-term target for bears is seen at the level of 1.000 and the long-term target for bulls is a new high above the level of 1.1983.
