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Technical Market Overview:
The GBP/USD pair has been trading in a narrow range located between the levels of 1.2342 - 1.2268 after moving towards the level of 50% Fibonacci retracement. The bounce from this level was rather shallow, so the price is still under the bearish pressure and the market is trading below the trendline. The next target for bears is seen at the level of 1.2231 - 1.2224 and if violated, then the bears might push the prices towards the 61% Fibonacci located at the level of 1.2195. Please notice, the market conditions are now extremely oversold and the RSI is showing a negative and weak momentum, so the bounce might occur any time soon.
Weekly Pivot Points:
WR3 - 1.2628
WR2 - 1.2566
WR1 - 1.2402
Weekly Pivot - 1.2333
WS1 - 1.2163
WS2 - 1.2096
WS3 - 1.1935
Trading Recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2505 and it must be clearly violated. The key short-term technical support is seen at the level of 1.2231 - 1.2224 and the key short-term technical resistance is located at the level of 1.2381. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.
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