Technical market overview:
At the GBP/USD market another move down is still on the table as the consolidation zone boundary is still the local technical support zone, located between the levels of 1.2938 - 1.2959. The pair keeps trading inside of a narrow range between the levels of 1.2978 - 1.3196 and the local trend line is still providing the dynamic support for the price. The momentum is still weak and negative despite the oversold market conditions at this timeframe. The larger time frame trend, like daily and weekly, remains bullish.
Weekly Pivot Points:
WR3 - 1.3460
WR2 - 1.3363
WR1 - 1.3172
Weekly Pivot - 1.3070
WS1 - 1.2882
WS2 - 1.2787
WS3 - 1.2567
Trading recommendations:
The market is now range bounded, so any strategy for the market is consolidation will be the correct one to use: buy during the oversold conditions and sell during the overbought conditions. Please keep an eye on the trading range breakout as it might be a false one.
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