Technical Market Outlook
The GBP/USD pair has made another lower low at the level of 1.3315 as the down trend continues. The market trades below 50,100 and 200 WMA which is a definition of a down trend in the long-term. 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 1.3352 and 1.3410.
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.
