Technical Market Outlook:
After the GBP/USD pair has broken through 61% Fibonacci replacement located at the level of 1.2493, it was immediately rejected and the Pin Bar candle was made at the end of this move. During the recent 24h the rate stabilized and the volatility has decreased. The level of 1.2516 might be a key short-term level for both bulls and bears as any violation of this level will lead to another sub-wave up with a target at the levels of 1.2580. Nevertheless, in order to continue the larger time frame up trend, the bulls must violate the swing high located at 1.2645 otherwise the current move up will be considered as a counter-trend corrective wave that will not last for long.
Weekly Pivot Points:
WR3 — 1.2379
WR2 — 1.2609
WR1 — 1.2480
Weekly Pivot — 1.2357
WS1 — 1.2228
WS2 — 1.2104
WS3 — 1.1970
Trading Recommendations:
The fear of the corona virus 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 corona virus 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).
