Technical Market Overview:
There is no rest for the bears on the GBP/USD pair as the market keeps doing the lower lows in the downtrend despite the extremely oversold conditions. The price just recently hit the technical support at the level of 1.2788 after a series of down candles were made in order the break out of the channel. The momentum is still weak and negative, so the next target for bears is located at the level of 1.2772.
Weekly Pivot Points:
WR3 - 1.3288
WR2 - 1.3229
WR1 - 1.3095
Weekly Pivot - 1.3031
WS1 - 1.2885
WS2 - 1.2821
WS3 - 1.2676
Trading Recommendations:
The market is moving below the trendline, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs. All the targets for this week have been hit already, so. please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.
