Technical Market Outlook:
The GBP/USD pair has made a new swing low at the level of 1.1210 as the down trend continues below the multi-year technical resistance located at 1.1410. The market participants await the Bank of England interest rate decision scheduled for release today at 1:00 PM. The intraday technical resistance is located at the levels of 1.1351 and 1.1410. Please keep an eye on the market behavior during the news release as the volatility might be extremely high.
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).
