Technical Market Outlook:
The GBP/USD pair keeps moving lower after the breakout below all the moving averages and the recent low was made at the level of 1.2390. The market is under the bearish pressure and is slowly approaching the key technical support seen at 1.2352 - 1.2343. The intraday technical resistance located at 1.2444 is still intact, so after a reversal the next target for bears is seen at 1.2386 and 1.2352. The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for GBP.
Weekly Pivot Points:
WR3 - 1.25324
WR2 - 1.24987
WR1 - 1.24851
Weekly Pivot - 1.24650
WS1 - 1.24514
WS2 - 1.24313
WS3 - 1.23976
Trading Outlook:
Pound continues the corrective cycle to the upside and on the Weekly time frame chart the price is about to hit the 61% Fibonacci retracement located at the level of 1.2778. When this level is hit, the high volatility is expected, so please stay focused as the bears will defend this level strongly.
