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Technical Market Overview:
The GBP/USD pair has been trading inside of a narrow range for the whole week, but just recently the bulls have managed to move the price a little bit higher towards the level of 1.2118. This level has been violated and the local high was made at the level of 1.2148. Nevertheless, the price is still trading below the short-term descending trendline, so only if this line is violated the bulls will get the chance to lift the prices toward the next target levels located at 1.2209 and 1.2248.
Weekly Pivot Points:
WR3 - 1.2303
WR2 - 1.2249
WR1 - 1.2110
Weekly Pivot - 1.2066
WS1 - 1.1921
WS2 - 1.1875
WS3 - 1.1728
Trading Recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. Please keep an eye on the key technical support located at the level of 1.1988, some kind of bounce might be expected after this level is hit.
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