Technical Market Outlook
The GBP/USD pair has bounced towards the level of 1.3516, but the bounce was capped and a Shooting Star candlestick pattern was made. Since then, the market has been consolidating in a narrow range seen between the levels of 1.3428 - 1.3471, but the weak and negative momentum indicates a possible down trend extension towards the last week low at 1.3352 and below. The nearest technical resistance is located at the level of 1.3516, just below the 38% Fibonacci retracement of the last wave down located at 1.3536.
Weekly Pivot Points:
WR3 - 1.3619
WR2 - 1.3561
WR1 - 1.3497
Weekly Pivot - 1.3445
WS1 - 1.3383
WS2 - 1.3326
WS3 - 1.3259
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.
