Technical Market Overview:
The GBP/USD pair has tried to break through the trendline resistance around the level of 1.3039, but the rally higher was a fake one and the market returned quickly to the range zone. It means, that despite the neutral momentum the bulls are still trying to get back the control of the market and push the price above the trendline because as long as the market trades below it, the outlook remains bearish and the new local lows can happen anytime soon. The key short-term technical support is seen at the level of 1.2962.
Weekly Pivot Points:
WR3 - 1.3288
WR2 - 1.3229
WR1 - 1.3095
Weekly Pivot - 1.3031
WS1 - 1.2885
WS2 - 1.2821
WS3 - 1.2676
Trading Recommendations:
The market is moving inside of the trading below the trendline, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs. Any violation of the technical support at the level of 1.2962 will accelerate the sell-off towards the next technical support at the level of 1.2875. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.
