Technical Market Outlook
The GBP/USD pair bounce from the level of 1.3194 had been capped at the key short-term trend line resistance around the level of 1.3277 and them the market made a new swing low at the level of 1.3166. Any violation of this level would result in a sell-off acceleration towards the level of 1.3121 again. Only a sustained breakout above the local trend line resistance and then above the 1.3352 - 1.3370 key short-term resistance zone would have change the outlook to more bullish in the nearest future.
Weekly Pivot Points:
WR3 - 1.3481
WR2 - 1.3425
WR1 - 1.3309
Weekly Pivot - 1.3251
WS1 - 1.3131
WS2 - 1.3078
WS3 - 1.2955
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 had been violated already, so the market is in the down trend with a long-term target located at 1.2668 ( September 2020 lows).
