Technical Market Outlook:
The GBP/USD pair has hit the main channel lower line located at the level of 1.2880. The bounce from this level was rather shallow, the price hit 1.2938 and reversed again. The momentum is still weak and negative, so lower levels are in view. The next target for bears is seen at the level of 1.2868 and 1.2848. The nearest technical resisance is seen at the level of 1.2982. The weekly time frame candle is now down and engulfs the previous up candle, so the bears are in control of the market.
Weekly Pivot Points:
WR3 - 1.3465
WR2 - 1.3320
WR1 - 1.3185
Weekly Pivot - 1.3039
WS1 - 1.2902
WS2 - 1.2757
WS3 - 1.2620
Trading Recommendations:
The GBP/USD pair is in the down trend on the monthly time frame, but the recent bounce from the low at 1.1411 made in the middle of March 2020 loos very strong and might be a reversal swing. In order to confirm the trend change, the bulls have to break through the technical resistance seen at the level of 1.3518. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken.
