Technical Market Overview:
The GBP/USD pair is currently hovering just under the technical resistance zone located between the levels of 1.3258 - 1.3304. The local low for the consolidation zone was made at the level of 1.3207, but the market did not follow down the path but bounced yet again. The candles are with the log upper and lower wicks and this indicates indecision of market participants. Even the momentum is getting towards its neutral level. All of this indicates a quiet Friday unless the level of 1.3207 is clearly violated.
Weekly Pivot Points:
WR3 - 1.3385
WR2 - 1.3316
WR1 - 1.3123
Weekly Pivot - 1.3053
WS1 - 1.2856
WS2 - 1.2781
WS3 - 1.2654
Trading Recommendations:
The sell orders should be opened only if the level of 1.3207 is clearly violated. Then the projected take profit level is seen at the level of 1.3012, so this would be a more than 200 pips trade. Otherwise, no trading setup is present currently at the market so it is better to say aside until one occurs.
