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, so the price fell out of the channel. Any sustained violation of the level of 1.3140 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 1.3223.
Weekly Pivot Points:
WR3 - 1.3441
WR2 - 1.3372
WR1 - 1.3258
Weekly Pivot - 1.3189
WS1 - 1.3088
WS2 - 1.3016
WS3 - 1.2910
Trading Outlook:
If the market will break below the level of 1.3000, the up trend on the weekly time frame would be 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.
