Technical Market Outlook:
The GBP/USD pair has made a new swing low at the level of 1.2325 as the down trend continues. The nearest technical resistance is located at 1.2411 and 1.2466, but 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 bearish pressure continues below the last week low. The next technical support is seen at the level of 1.2325 and 1.2297.
Weekly Pivot Points:
WR3 - 1.3200
WR2 - 1.3027
WR1 - 1.2781
Weekly Pivot - 1.2594
WS1 - 1.2347
WS2 - 1.2171
WS3 - 1.1921
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 1.1989. Please remember: trend is your friend.
