Technical Market Outlook:
The GBP/USD pair has been continuing the local up trend and currently is hovering around the recent swing high at the level of 1.2474 as the bulls await the trigger to break through. The momentum is still strong and positive which increases the odds for an upside breakout, but the market conditions are now becoming overbought. If bulls want to continue the up trend they need a dynamic breakout higher towards the next target located at the level of 1.2580 otherwise the bears will push the price down again.
Weekly Pivot Points:
WR3 - 1.2628
WR2 - 1.2555
WR1 - 1.2356
Weekly Pivot - 1.2275
WS1 - 1.2111
WS2 - 1.2024
WS3 - 1.1831
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the coronavirus pandemic will be 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 this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).
