Technical Market Outlook:
After the GBP/USD bulls failed to break through the supply zone, the bears pushed the price towards the key short-term technical support located at 1.2466. As long as the market trades above the level of 1.2466, there are still chances for the breakout higher. The momentum is now weak and neagitve and the market is off the overbought levels, so in the case of a breakout lower, the next target for bears is seen at the level of 1.2329.
Weekly Pivot Points:
WR3 - 1.2895
WR2 - 1.2786
WR1 - 1.2716
Weekly Pivot - 1.2588
WS1 - 1.2516
WS2 - 1.2399
WS3 - 1.2312
Trading Outlook:
The price broke below the level of 1.3000 six weeks ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle, which is welcome after eight weeks of the down move. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.
