Technical Market Outlook
The GBP/USD pair had broken below the key technical support located at 1.3410 and made a new swing low at the level of 1.3352 as anticipated. As long as the price moved lower in the channel, the down trend continued, so the next target for bears is seen at the level of 1.3306 and 1.3295. The current market condition's at the H4 time frame chart are extremely oversold, so a bounce towards the local technical resistance seen at the level of 1.3450 might occur. The key technical resistance is seen at the level of 1.3604 and as long as the price trade below this level, the outlook is bearish.
Weekly Pivot Points:
WR3 - 1.3776
WR2 - 1.3685
WR1 - 1.3527
Weekly Pivot - 1.3436
WS1 - 1.3276
WS2 - 1.3182
WS3 - 1.3013
Trading Outlook:
The down trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.3514 would improve the outlook to more bullish with a target at 1.4200. 200 WMA is located at the level of 1.3387 and might provide some temporary support for bulls.
