Technical market overview:
The GBP/USD pair is trading sideways between the levels of 1.3108 - 1.3012 as the battle of the longer-term trend line continues. Another BEarish Engulfing candlestick pattern was made recently, so it is clear the bears are trying the push the prices below the horizontal support at 1.3012 towards the key technical support located at the level of 1.2958. The market conditions are overbought, which should help to move prices lower. Momentum is not supporting as well as it baraly holds above the neutral level of 50.
The larger time frame trend is still down, so any spikes up should be treated as a local upward correction during the downtrend.
Weekly Pivot Points:
WR3 - 1.3163
WR2 - 1.3061
WR1 - 1.2979
Weekly Pivot - 1.2879
WS1 - 1.2794
WS2 - 1.2689
WS3 - 1.2606
Trading recommendations:
The sell orders should still be kept open. The first target is seen at the level of 1.3012 and 1.3000. In a case of any breakout lower, the next target is seen at the level of 1.2958. All protective stop loss orders should be placed above the level of 1.3108.
