Technical Market Overview:
The GBP/USD pair has made a temporary swing low at the level of 1.1412 and currently, the bulls are trying to bounce higher towards the nearest technical resistance located at the level of 1.1957. If the bounce fails, then the next target for bears is below the level of 1.1412, but it is hard to tell precisely as the current price levels have not been seen since the '90s, but if the coronavirus pandemic will intensify, then the parity level (1:1 GBP: USD) is very likely.
Weekly Pivot Points:
WR3 - 1.3660
WR2 - 1.3418
WR1 - 1.2726
Weekly Pivot - 1.2493
WS1 - 1.1781
WS2 - 1.1553
WS3 - 1.0829
Trading Recommendations:
The main Elliott Wave scenario has been invalidated, so now all the bullish impulsive waves are not very likely to happen. The market will continue the downtrend towards the parity. Trade safe.
