Technical Market Outlook:
The GBP/USD pair keeps trading inside of the narrow price range located between the levels of 1.2199 - 1.2411. The volatility has decreased and Cable is not able to make a new local high on H4 time frame chart, but recently the bears have broken below the short-term trend line support around the level of 1.2370 and this created a short opportunity. The target might be the 50% Fibonacci at the level of 1.2305 or even the lower levels at 1.2199. The next key technical support for GBP is seen at the level of 1.2012 - 1.1957 and if this level is violated, then the bears will be in control of the price again. For now, despite the oversold market conditions, the outlook remains neutral to bullish.
Weekly Pivot Points:
WR3 - 1.2628
WR2 - 1.2555
WR1 - 1.2356
Weekly Pivot - 1.2275
WS1 - 1.2111
WS2 - 1.2024
WS3 - 1.1831
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).
