Technical Market Outlook:
The GBP/USD pair has been rejected from the technical resistance located at the level of 1.1933 and made a new low at the level of 1.1759 as the down trend continues. The weak and negative momentum on the daily time frame chart supports the bearish outlook and the next target for bears is located at the level of 1.1410. The supply zone located between the levels of 1.2160 - 1.2187 is still the main short-term obstacle for bulls that needs to be broken if the rally is expected to be continued.
Weekly Pivot Points:
WR3 - 1.2601
WR2 - 1.2311
WR1 - 1.2169
Weekly Pivot - 1.2022
WS1 - 1.1879
WS2 - 1.1732
WS3 - 1.14433
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 after a big Pin Bar candlestick pattern was made on the weekly time frame chart. The next long term target for bears is seen at the level of 1.1410. Please remember: trend is your friend.
