Technical Market Outlook:
The GBP/USD pair has been seen rallying towards the technical resistance located at the level of 1.2468. The bulls are temporary in change of the market, the momentum is strong and positive, so after the pull-back to the nearest technical support is done, the price keeps bouncing up. The nearest technical support is seen at the level of 1.2165 and 1.2207. Nevertheless, the supply zone located between the levels of 1.2618 - 1.2697 is still the main obstacle for bulls that needs to be broken if the rally is expected to be continued.
Weekly Pivot Points:
WR3 - 1.2922
WR2 - 1.2665
WR1 - 1.2442
Weekly Pivot - 1.2193
WS1 - 1.1971
WS2 - 1.1712
WS3 - 1.1494
Trading Outlook:
The price broke below the level of 1.3000 quite long time ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle after a big Pin Bar candlestick pattern was made last week. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.