Technical Market Outlook:
The GBP/USD pair has almost hit the 1:1 market geometry level located at 1.2328. The low was made so far at the level of 1.2334, but there is still a chance for the price to hit this level. Due to the oversold market conditions and the completion of the correction based on the market geometry, the bounce might be more dynamic that it seems now. The first target for bulls is seen at the level of 1.2406. In a case of a further rally higher, the next target is seen at the level of 1.2466. Please notice, that to break out from the short-term descending channel zone, the bull would have to violated the level of 1.2580.
Weekly Pivot Points:
WR3 - 1.2859
WR2 - 1.2772
WR1 - 1.2508
Weekly Pivot - 1.2419
WS1 - 1.2165
WS2 - 1.2080
WS3 - 1.1826
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.
