Technical Market Outlook:
After the GBP/USD pair had made a swing high at the level of 1.3175, it has been moving lower in a local correction and then started to consolidate in a narrow zone. Recently the price has hit the level of 1.3021 which is a technical support, but it looks like the bears want to push it lower towards the level of 1.3011. This is the 61% Fibonacci retracement and if broken, then the market will slide lower towards the next technical support seen at 1.2982. Please notice, the price is back into the local ascending channel again, so the bears are now in control of the market.
Weekly Pivot Points:
WR3 – 1.3465
WR2 – 1.3320
WR1 – 1.3185
Weekly Pivot – 1.3039
WS1 – 1.2902
WS2 – 1.2757
WS3 – 1.2620
The GPB/USD pair is in the down trend on the monthly time frame, but the recent bounce from the low at 1.1411 made in the middle of March 2020 loos very strong and might be a reversal swing. In order to confirm the trend change, the bulls have to break through the technical resistance seen at the level of 1.3518. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken.
The material has been provided by InstaForex Company – www.instaforex.com
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