Technical Market Overview:
The GBP/USD pair has retraced around 50% of the last wave down, but the corrective bounce was capped at the level of 1.2988 and the Bearish Engulfing pattern had been made. Since then the price returned to the down move, but the local trendline has not been broken yet. The breakout from the recent range might be the beginning of a larger correction to the downside and the next target for bears is seen at the level of 1.2823. In the meantime, the next technical resistance for the bouncing price is seen at the level of 1.3025 and more upside 1.3125 to 1.3200
Weekly Pivot Points:
WR3 - 1.3353
WR2 - 1.3225
WR1 - 1.3041
Weekly Pivot - 1.2956
WS1 - 1.2822
WS2 - 1.2724
WS3 - 1.2679
The GBP/USD pair has retraced around 50% of the last wave down, but the corrective bounce was capped at the level of 1.2988 and the Bearish Engulfing pattern had been made. Since then the price returned to the down move, but the local trendline has not been broken yet. The breakout from the recent range might be the beginning of a larger correction to the downside and the next target for bears is seen at the level of 1.2823. In the meantime, the next technical resistance for the bouncing price is seen at the level of 1.3025 and more upside 1.3125 to 1.3200
Weekly Pivot Points:
WR3 - 1.3353
WR2 - 1.3225
WR1 - 1.3041
Weekly Pivot - 1.2956
WS1 - 1.2822
WS2 - 1.2724
WS3 - 1.2679