Technical Market Overview:
The GBP/USD pair has broken the technical support zone located between the levels of 1.2960 - 1.2938 and made a new local low at the level of 1.2928 despite a desperate attempt to break through the orange trendline. The main resistance for bulls is currently located at three levels: 1.2977, 1.2996 and 1.3012. The market conditions are now oversold, but the target has not been hit yet as it is located at the level of 1.2895.
Weekly Pivot Points:
WR3 - 1.3190
WR2 - 1.3152
WR1 - 1.3051
Weekly Pivot - 1.3014
WS1 - 1.2910
WS2 - 1.2866
WS3 - 1.266
Trading recommendations:
Daytraders should close the sell orders at the level of 1.2960 with profit and then wait for another good setup to occur in order to open another sell position.
