Technical Market Overview:
The GBP/USD pair is moving lower after the ascending channel did not hold the bearish pressure. All the moves up looked corrective anyway and the breakout from the recent range might be the beginning of a larger correction to the downside. The next target for bears is seen at the level of 1.2823. In the meantime, the next technical resistance for the bulls is seen at the level of 1.2929 and the local support is seen at the level of 1.2971.
Weekly Pivot Points:
WR3 - 1.3333
WR2 - 1.3194
WR1 - 1.
Weekly Pivot - 1.3006
WS1 - 1.2943
WS2 - 1.2804
WS3 - 1.2739
Trading Recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is up, so all downward market moves will be treated as local corrections in the uptrend. In order to reverse the trend from up to down in the longer term, the key level for bulls is seen at 1.2756 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3512.
