Technical Market Outlook:
The GBP/USD pair has been seen testing the last week's low located at the level of 1.1349. The next target for bears is located at the level of 1.1410 again, which is the 7 years low for the GBP and this level is getting closer every hour. The intraday technical resistance is located at the levels of 1.1452 and 1.1484. Please keep an eye on the long-term technical support level, because any violation of this level will have a very serious consequences, like an accelerated sell-off towards the next technical support, which is more then 300 pips away.
Weekly Pivot Points:
WR3 - 1.15678
WR2 - 1.14810
WR1 - 1.14335
Weekly Pivot - 1.13942
WS1 - 1.13467
WS2 - 1.13074
WS3 - 1.12206
Trading Outlook:
The bears tested the level of 1.1410 (2020 swing low) not so long ago and now the market is in the pull back mode.The bearish pressure is still strong and the technical support might be violated. On the other hand, in order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).
