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Technical Market Outlook:
The GBP/USD bulls are heading towards the key supply zone located between the levels of 1.2615 - 1.2697.The local high was made at the level of 1.2599 in form of a Pin Bar candlestick pattern and it looks like the bulls weaken a little as the market is testing the short-term trend line support. Any violation of this supply zone would change the short-term outlook to more bullish as the market could target even the level of 1.3000 again. The strong and positive momentum support the short-term bullish outlook for Cable, however the market conditions look overbought and quick pull-back is coming.
Weekly Pivot Points:
WR3 - 1.2933
WR2 - 1.2731
WR1 - 1.2632
Weekly Pivot - 1.2626
WS1 - 1.2321
WS2 - 1.2106
WS3 - 1.2001
Trading Outlook:
The price broke below the level of 1.3000 six weeks ago, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The bulls are now trying to start the corrective cycle, which is welcome after eight weeks of the down move. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.
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