Technical Market Overview:
The GBP/USD pair has been moving down recently ant the technical support at the levels of 1.3012, 1.2996 and 1.2977 all had been tested and broken. The momentum is still weak and negative despite the oversold market conditions, which suggest further down move towards the level of 1.2960 - 1.2938. As long as the price keeps trading below the orange trend line, the outlook remains bearish as there is no sign of short-term trend reversal.
Weekly Pivot Points:
WR3 - 1.3190
WR2 - 1.3152
WR1 - 1.3051
Weekly Pivot - 1.3014
WS1 - 1.2910
WS2 - 1.2866
WS3 - 1.266
Trading recommendations:
Daytraders should close the sell orders at the level of 1.2960 with profit and then wait for another good setup to occur in order to open another sell position.
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