Technical Market Overview:
The GBP/USD pair continues to trade inside of a narrow range located between the levels of 1.2652-1.2761. It is worth to notice, that the market has made two Pin Bar like candlestick formation around the upper consolidation boundary, which is the level of 1.2761. The momentum is barely holding the neutral fifty level and it looks like is about to go lower as well. The stochastic is in the middle of the range now, so all sum up there is no direct signal regarding the future price move now. The nearest technical resistance is located at the level of 1.2746 and the nearest technical support is seen at the level of 1.2668.
Weekly Pivot Points:
WR3 - 1.2954
WR2 - 1.2856
WR1 - 1.2800
Weekly Pivot Point: 1.2708
WS1 - 1.2658
WS2 - 1.2549
WS3 - 1.1502
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.
