Technical Market Outlook:
The GBP/USD pair had made a new low at the level of 1.1759 last week as the down trend continues to push the market lower. The weak and negative momentum on the daily time frame chart still supports the bearish outlook and the next target for bears is located at the level of 1.1410. However, the Cable starts the new trading week trying to bounce higher towards the level of 1.1936 or even 1.2161. Nevertheless, 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 - 1.1965
WR2 - 1.1925
WR1 - 1.1904
Weekly Pivot - 1.1885
WS1 - 1.1864
WS2 - 1.1846
WS3 - 1.1806
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, however there is no visible progress here yet. The next long term target for bears is seen at the level of 1.1410. Please remember: trend is your friend.
