Technical Market Outlook:
The GBP/USD pair has broken below very important support level located at 1.2590 and extends the sell-off towards the 1.2547. The weak and negative momentum on H4 time frame chart hit the extremely oversold market conditions as well, so the market is ready for a bounce. Only a strong reversal and a breakout back above the level of 1.2615 would change the short-term bearish outlook, otherwise the price might just bounce up and down in a whipsaw mode for some time. Reversal confirmation comes with the violation of 50 and 100 MA levels.
Weekly Pivot Points:
WR3 - 1.26622
WR2 - 1.26305
WR1 - 1.26199
Weekly Pivot - 1.25988
WS1 - 1.25882
WS2 - 1.25671
WS3 - 1.25354
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.
