Technical Market Outlook:
The GBP/USD pair had broken below the last week low seen at the level of 1.2822 as the bearish pressure intensify. The local low was made at the level of of 1.2722 (in the time of writing the analysis) as the technical formation known as "the red waterfall" continues. The next target for bears is the weekly support from 2020 located at the level of 1.2673. The nearest technical resistance is located at 1.2768 and 1.2786. Despite the oversold market conditions on the H4 and Daily time frame charts, the down trend continues and there is no indication of trend termination or reversal just yet.
Weekly Pivot Points:
WR3 - 1.3228
WR2 - 1.3155
WR1 - 1.2958
Weekly Pivot - 1.2893
WS1 - 1.2686
WS2 - 1.2617
WS3 - 1.2432
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 1.2663. Please remember: trend is your friend.
