Technical Market Outlook:
The GBP/USD pair has broken above the short-term trend line resistance located around the level of 1.3090, made the local high at the level of 1.3146 and then reversed back towards the technical support. This technical support located at 1.3044 and 1.3055 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 1.3182 would change the outlook to more bullish with a new target for bulls located at 1.3298 (swing high from March 23rd).
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.
