Technical Market Overview:
The GBP/USD pair is still unable to move in any meaningful direction and remains locked inside of very narrow zone located between the levels of 1.3122 - 1.3035. The situation has been developing into that horizontal consolidation since the 15th of March and now it is the whole month without the breakout. The key technical support zone is seen between the levels of 1.2938- 1.12960 and the key technical resistance zone is located between the levels of 1.3258 - 1.3305.
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.
