Technical Market Outlook:
The GBP/USD pair has bounced from the upper channel line and technical support located around the level of 1.2165 and hit the first target zone located at the level of 1.2315. The local high was made at the level of 1.2361, so the bulls are pushing through this zone and are targeting the next level seen at 1.2381. The market conditions are not overbought yet, so the odds for a bounce extension are high. The last swing low and technical support is seen at the level of 1.2072. On the other hand, the nearest technical resistance is located at the level of 1.2246.
Weekly Pivot Points:
WR3 - 1.2499
WR2 - 1.2389
WR1 - 1.2274
Weekly Pivot - 1.2176
WS1 - 1.2057
WS2 - 1.1949
WS3 - 1.1823
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.
