Technical Market Outlook
The GBP/USD pair has bounced after the trend line support test, but the bounce was capped at the nearest technical resistance located at 1.3194 and market reversed again as the local supply zone seen between the levels of 1.3194 - 1.3166 works like a charm. In the meantime, the bears made a new swing low at the level of 1.3066 (at the time of writing the article) and the momentum is weak and negative again. The next target for bears is seen at the level of 1.2982. The key technical resistance on the weekly time frame chart is located at 1.3749.
Weekly Pivot Points:
WR3 - 1.3574
WR2 - 1.3504
WR1 - 1.3346
Weekly Pivot - 1.3272
WS1 - 1.3112
WS2 - 1.3030
WS3 - 1.2877
Trading Outlook:
If the market will break below the level of 1.3169, the up trend on the weekly time frame is terminated and the bears enforce and confirm their control over the market in the long term. The Cable is below 100 and 200 WMA already, so the bearish domination is clear. The next long term target for bears is seen at the level of 1.2751 and 1.2663. Please remember: trend is your friend.
