Technical Market Outlook
The GBP/USD pair has been having trouble to move higher after the local high was made at the level of 1.3295 and is currently testing the lower channel line around the level of 1.3194. Any sustained violation of the level of 1.3194 will indicate a possibility of a deeper correction, so please keep an eye on this level and on the whole demand zone located between the levels of 1.3121 - 1.3110. The nearest technical resistance is seen at the level of 1.3210 and 1.3240.
Weekly Pivot Points:
WR3 - 1.3487
WR2 - 1.3345
WR1 - 1.3272
Weekly Pivot - 1.3138
WS1 - 1.3067
WS2 - 1.2918
WS3 - 1.2816
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.
