Technical Market Outlook:
The GBP/USD pair has been seen rallying towards the technical resistance located at the level of 1.2468 after the main channel lower line had been violated. The bulls are temporary in change of the market, the conditions are now bouncing away from the extremely oversold conditions and the momentum is strong and positive. The nearest technical support is seen at the level of 1.2339 and 1.2207. Nevertheless, the supply zone located between the levels of 1.2618 - 1.2697 is still the main obstacle for bulls that needs to be broken if the rally is expected to be continued.
Weekly Pivot Points:
WR3 - 1.2751
WR2 - 1.2671
WR1 - 1.2451
Weekly Pivot - 1.2374
WS1 - 1.2159
WS2 - 1.2081
WS3 - 1.1851
Trading Outlook:
The price broke below the level of 1.3000 quite long time 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.
