Technical Market Overview:
The GBP/USD pair keeps trading inside of the narrow consolidation zone located between the levels of 1.3000 - 1.3131. The series of Bearish Engulfing patterns around the technical resistance is indicating a possible change in the current state of affairs and a potential down move possibility. Even the momentum has dipped below the neutral level, so the move down might start any time soon.
Weekly Pivot Points:
WR3 - 1.3225
WR2 - 1.3177
WR1 - 1.3116
Weekly Pivot - 1.3067
WS1 - 1.3006
WS2 - 1.2961
WS3 - 1.2904
Trading Recommendations:
The best trading strategy for this market for daytraders is to trade the oversold/overbought conditions and support-resistance levels. The swing traders must stay patient and wait for a breakout. The key support and resistance levels are drawn on the chart.
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