Technical Market Overview:
After the big Pin Bar candlestick with a high at the level of 1.2811 (Fakey) on the GBP/USD market, the bears have again pushed the prices lower towards the level of 1.2614. It means the bulls are still too weak to start any meaningful upward correction and the move down continues despite extremely oversold conditions. The next target is seen at the level of 1.2529.
Weekly Pivot Points:
WR3 - 1.3212
WR2- 1.3121
WR1 - 1.2880
Weekly Pivot - 1.2790
WS1 - 1.2532
WS2 - 1.2453
WS3 - 1.2198
Trading Recommendations:
The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next target for bears is seen at the level of 1.2529.
