Technical Market Outlook:
The GBP/USD pair has bounced 5.66% from the lowest level since 1985 located at 1.0352, however the bears had capped the bounce at the level of 1.0929 (first bounce) and 1.0914 (second bounce). The next technical resistance is located at 1.1210 and 1.1410 and only a sustained breakout above this level would change the outlook to bullish. On the other hand, the next target for bears is located at the parity level of 1.0000, so please keep an eye on this level. The intraday technical support is seen at the level of 1.0632 and 1.0538.
Weekly Pivot Points:
WR3 - 1.16907
WR2 - 1.11401
WR1 - 1.08850
Weekly Pivot - 1.05895
WS1 - 1.03344
WS2 - 1.00389
WS3 - 0.94883
Trading Outlook:
The bears are still in charge of Cable market and the next target for them is the parity level. The level of 1.0351 has not been seen since 1985, so the down trend is strong, however, the market is extremely oversold on longer time frames already. On the other hand, in order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).