Technical Market Outlook:
The GBP/USD pair is still trying hard to rally towards the level of 1.2161, but bulls keeps trading inside a narrow horizontal zone and there is no momentum to support the rally. The last local high was made at the level of 1.2063 in form of a Pin Bar candlestick on a daily time frame chart, nevertheless, the supply zone located between the levels of 1.2161 - 1.2187 is still the main short-term obstacle for bulls that needs to be broken if the rally is expected to be continued. 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.
Weekly Pivot Points:
WR3 - 1.2057
WR2 - 1.2017
WR1 - 1.1996
Weekly Pivot - 1.1978
WS1 - 1.1956
WS2 - 1.1938
WS3 - 1.1892
Trading Outlook:
The Cable is way below 100 and 200 DMA , so the bearish domination is clear and there is no indication of down trend termination or reversal. The bulls are now trying to start the corrective cycle after a big Bullish Engulfing candlestick pattern was made on the weekly time frame chart (last week), 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.
