Technical Market Overview:
The GBP/USD pair has managed to break above the technical resistance at the level of 1.2683 and is heading towards the next technical resistance located at the level of 1.2747. The momentum is now positive and quite strong, but the market conditions are starting to become overbought. As long as the level of 1.2810 is not clearly violated, the whole bounce should be treated as an upward correction in the downtrend.
Weekly Pivot Points:
WR3 - 1.2903
WR2 - 1.2819
WR1 - 1.2711
Weekly Pivot - 1.2636
WS1 - 1.2534
WS2 - 1.2447
WS3 - 1.2331
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.
