Technical Market Overview:
The GBP/USD pair has made a lower low at the level of 1.2988 during the Asian session, so the last big up candle has been invalidated completely. The momentum indicator is now way below the neutral level of fifty and the market conditions are close to the oversold levels. Any bounce to the upside might be limited by the technical resistances located at the levels of 1.3017 and 1.3039. Any another violation of the level of 1.2988 will only accelerate the sell-off with a target for bears seen at the level of 1.2962.
Weekly Pivot Points:
WR3 - 1.3556
WR2 - 1.3373
WR1 - 1.3290
Weekly Pivot - 1.3079
WS1 - 1.3017
WS2 - 1.2819
WS3 - 1.2743
Trading Recommendations:
All the buy orders are still good to play, but the daytraders should be aware of the importance of the level of 1.2988 as any violation of this level will change the short-term outlook to more bearish. The support at 1.2988 is the line in the sand for bulls.
