Technical Market Outlook:
The GBP/USD pair has broken below the key long-term technical support located at the level of 1.2697 and made a new low at the level of 1.2490 (at the time of writing the article). The market had found a temporary bottom at this level, so a pull-back might be still on table, because it is a 61% retracement level of the whole post-Covid rally on the weekly time frame chart. The nearest technical resistance is located at 1.2648 and 1.2686. 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. The next target for bears is seen at the level of 1.2514.
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.
