Technical Market Overview:
The GBP/USD pair has almost tested the technical resistance at the level of 1.2747 as the local high was made at the level of 1.2742 before the Bearish Engulfing candlestick pattern was made and the price reversed. Currently, the market is testing the nearest technical support at the level of 1.2683 in the overbought conditions. The momentum is barely above its fifty levels, so the up move is not expected as the price might return to the downtrend any time now.
Weekly Pivot Points:
WR3 - 1.2903
WR2 - 1.2819
WR1 - 1.2711
Weekly Pivot - 1.2636
WS1 - 1.2534
WS2 - 1.2447
WS3 - 1.2331
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the main trend, which is still down. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is down and there are no signs of any trend reversal.
