Technical Market Outlook:
The GBP/USD pair has broken below the technical support located at the level of 1.2246 after bulls were rejected from 50% Fibonacci retracement on the way up. The momentum remains negative well and due to the fact, that the price is trading below the short-term trend line resistance, the odds for another wave down might be higher. The nearest technical resistance is seen at the level of 1.2297 and the nearest technical support is located at the level of 1.2246.If the level of 1.2246 is clearly violated, then the next target for bears is seen at the level of 1.2165.
Weekly Pivot Points:
WR3 - 1.2730
WR2 - 1.2608
WR1 - 1.2508
Weekly Pivot - 1.2380
WS1 - 1.2283
WS2 - 1.2157
WS3 - 1.2054
Trading Recommendations:
The fear of the coronavirus consequences has decreased among the global investors on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the corona virus pandemic will be tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.
