Technical Market Overview:
The GBP/USD pair has made another leg down after a shallow pull-back towards the level of 1.3131. The move down has exceeded the level of 61% Fibonacci retracement located at the level of 1.3060 and made a new local low at the level of 1.3039. The momentum remains neutral during the move down, so no much impact on the market was made. Moreover, the key short-term technical support at the level of 1.2988 has not been violated yet, so there is still a chance of another spike up after the corrective move down is completed.
Weekly Pivot Points:
WR3 - 1.3556
WR2 - 1.3373
WR1 - 1.3290
Weekly Pivot - 1.3079
WS1 - 1.3017
WS2 - 1.2819
WS3 - 1.2743
Trading Recommendations:
Not much has changed in the short-term outlook, still the best trading strategy for daytraders is to buy the local pull-back in anticipation of the up move to continue towards the level of 1.3207. No indication of any trend change yet, so only buy orders should be in play. The first good level to open the buy order is seen at 1.3082 and 1.3060.
