Technical Market Outlook:
The GBP/USD pair has broken out of the main channel zone and made a new low at the level of 1.2406. The bulls are trying to bounce now, but so far the price did not make it to the breakout level located at 1.2515. If the bulls will fail here, then the move down might extend towards the next technical support located at the level of 1.2362 and 1.2297. There is a Fibonacci extension level as well, located at 1.2328, that might be used as a target for bears. Only a sustained violation of the level of 1.2580 would put the bulls back into control over the market.
Weekly Pivot Points:
WR3 - 1.3034
WR2 - 1.2910
WR1 - 1.2681
Weekly Pivot - 1.2581
WS1 - 1.2343
WS2 - 1.2226
WS3 - 1.2014
Trading Recommendations:
On the GBP/USD pair the main trend is down, but the local up trend continues. 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 these 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.
