Technical Market Outlook
The GBP/USD pair has made another lower low at the level of 1.3341 as the down trend continues. The next target for bears is seen at the level of 1.3306 and 1.3295. The key short-term 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. The intraday technical resistance is seen at 1.3410 and 1.3428.
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.
