Technical Market Outlook:
The GBP/USD pair bears recently hit the level of 1.2981, which is 19 pips below the last week swing low. The bearish pressure is strong as there is still the room to move lower. The market conditions on the H4 time frame chart are extremely oversold, however, the momentum remains weak and negative, so another wave down is still on the table. The intraday technical support located at 1.2981 might not be enough to stop the bearish pressure as the next target for bears is seen at the level of 1.2916. Only a sustained breakout above the level of 1.3110 would change the outlook to more bullish.
Weekly Pivot Points:
WR3 - 1.3305
WR2 - 1.3233
WR1 - 1.3122
Weekly Pivot - 1.3052
WS1 - 1.2935
WS2 - 1.2860
WS3 - 1.2754
Trading Outlook:
The price broke below the level of 1.3000, so the bears enforced and confirmed 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.
