Technical Market Outlook:
The GBP/USD pair has been seen trading inside of a narrow range located between the levels of 1.2981 - 1.3044 as the market participants keep waiting for the trigger to increase volatility. If the level of 1.2971 is clearly violated, then the bears might push the price towards the technical support seen at 1.2916 despite the extremely oversold market conditions. The down trend continues lower and there is no indication of down trend termination or reversal yet. The nearest technical resistance is located at 1.3000 and 1.3044.
Weekly Pivot Points:
WR3 - 1.3316
WR2 - 1.3229
WR1 - 1.3137
Weekly Pivot - 1.3058
WS1 - 1.2960
WS2 - 1.2880
WS3 - 1.2795
Trading Outlook:
The market is still in control by bears that pushed the price way below the level of 1.1185, so a breakout above this level is a must for bulls for a trend reversal. The next long-term technical support is located at 1.0639. The up trend can be continued towards the next long-term target located at the level of 1.1494 (high from 06.02.2022) only if bullish cycle scenario is confirmed by breakout above the level of 1.1186 and 1.1245, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0639 or below.
