Technical Market Outlook:
The GBP/USD pair has made a new local low at the level of 1.2073 and then bounced from the lower channel boundary towards the nearest technical resistance at 1.2165. Despite the oversold market conditions the momentum remains negative well and the odds for another wave down are still high. The nearest technical resistance seen at the level of 1.2165 was violated already, so now the target is seen at the level of 1.2246. If the level of 1.2072 is clearly violated, then the next target for bears is seen at the level of 1.2012, which is the key short-term technical support for bulls. No signs of down trend reversal yet.
Weekly Pivot Points:
WR3 - 1.2598
WR2 - 1.2514
WR1 - 1.2258
Weekly Pivot - 1.2179
WS1 - 1.1913
WS2 - 1.1832
WS3 - 1.1572
Trading Recommendations:
On the GBP/USD pair the main trend is down, but the reversal will be possible when the coronavirus pandemic is 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 these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.
