Technical Market Outlook:
The GBP/USD pair keeps making lower lows and lower highs with the last lower high made at the level of 1.2791. The bears are in control of this market, so traders should pay attention to the intraday technical support seen at 1.2683 and 1.2620. The next target for bears is seen at the level of 1.2590, which is the key short-term technical support level. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for GBP. Only a strong reversal and a breakout above the local supply zone located between the levels of 1.2762 - 1.2797 would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.2803 breakout (100 MA).
Weekly Pivot Points:
WR3 - 1.28319
WR2 - 1.27837
WR1 - 1.27586
Weekly Pivot - 1.27355
WS1 - 1.27104
WS2 - 1.26873
WS3 - 1.26391
Trading Outlook:
The bulls keep continuing the up trend towards the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. Only a sustained breakout blow the technical support seen at the level of 1.1775 would change the outlook to bearish.
