Technical market overview:
The GBP/USD pair has bounced from the level of 1.3012 and went straight up towards the level of technical resistance at 1.3207. Despite the bullish efforts, the price is still trading below the orange trendline, so the bears are still in control over this market. The momentum remains neutral and so are market conditions, so the price might be trading sideways for some time until one of the important levels if violated.
Weekly Pivot Ponts:
WR3 - 1.3650
WR2 - 1.3473
WR1 - 1.3340
Weekly Pivot - 1.3164
WS1 - 1.3039
WS2 - 1.2867
WS3 - 1.2742
Trading recommendations:
The market is now under the technical resistance and under the trendline, so the bias for the daytraders remains bearish and only sell orders should be opened as close as possible to the level of 1.3207. The target would be the other side of the horizontal trading range, at 1.3012.
