Technical Market Overview:
The GBP/USD pair is still trading inside of the narrow horizontal zone located between the levels of 1.3020 - 1.3060 after the volatility dropped to extremely low levels. This range is a part of a larger consolidation located between the levels of 1.2996 - 1.3131 and only a breakout out of the range would give some life to the markets as the momentum keeps hovering around the neutral level since the beginning of the week.
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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