Technical market overview:
As anticipated, the price of the GBP/USD pair is has reversed and now is trading back below the technical resistance at the level of 1.3157. The momentum is weak and negative, so this is why the continuation of the down move is anticipated. The next target for bears is seen at the level of 1.3012 - 1.2996 support zone.
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 still under the technical resistance, so the bias for the daytraders remains bearish and only sell orders should be opened and those orders that are opened already should move the stop loss just above the level of 1.3157. The target would be the other side of the horizontal trading range, at 1.3012.
