Technical Market Outlook
After the shallow bounce towards the level of 1.3516, the GBP/USD pair has again been seen approaching the technical support located at the level of 1.3410 as the bearish pressure intensify. All of the Fibonacci retracement levels had been violated and the next technical support is seen at the level of 1.3450. The nearest technical resistance is located at 1.3516. The larger time frame trend remains up, but the corrective cycle might be more complex in price and time. Please notice the extremely oversold market conditions and weak momentum support the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.3894
WR2 - 1.3796
WR1 - 1.3617
Weekly Pivot - 1.3523
WS1 - 1.3346
WS2 - 1.3245
WS3 - 1.3078
Trading Outlook:
The up trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.4000 would improve the outlook to more bullish with a target at 1.4200. 100 DMA is located at the level of 1.3792 and 200 DMA is seen at 1.3846.
