Technical Market Outlook:
The GBP/USD pair has bounced from the last week's low located at the level of 1.1349, however the bounce itself was very limited to the level of 1.1459. Despite the recent bounce, the bears are still in charge of this market and the next target for bears is located at the level of 1.1410 again. 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).
