Technical Market Overview:
The GBP/USD pair has made another lower low at the level of 1.2439 in extremely oversold market conditions. There Pin Bar made at the swing low at the level of 1.2476 was invalidated as there is not much bullish pressure on the market and the bears are still in full control of the market. The nearest technical resistance is located at the level of 1.2476 and it might be tested soon due to the oversold market conditions. The next target for bears is seen at the level of 1.4232.
Weekly Pivot Points:
WR3 - 1.2853
WR2 - 1.2772
WR1 - 1.2630
Weekly Pivot - 1.2551
WS1 - 1.2402
WS2 - 1.2319
WS3 - 1.2180
Trading Recommendations:
The best strategy for the current market conditions is to follow the larger timeframe trend. The larger time frame trend is still down and there are no signs of any trend reversal. The key long-term technical support is seen at the level of 1.242 and the key long-term technical resistance is seen at the level of 1.2775 and only if this level is violated, there is a chance for the trend reversal.
