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Technical Market Overview:
The GBP/USD pair is trying to break out from a narrow horizontal range located between the levels of 1.2783 - 1.2939 as bulls tries to test the upper boundary of the Flag pattern around the level of 1.2962. The market participants await a breakout in any direction, but on the other hand, the market might be making the Bullish Flag or Pennant pattern as well. The key technical support is still located at the level of 1.2561. The larger timeframe trend remains bearish.
Weekly Pivot Points:
WR3 - 1.3149
WR2 - 1.3068
WR1 - 1.2923
Weekly Pivot - 1.2842
WS1 - 1.2710
WS2 - 1.2624
WS3 - 1.2478
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. In order to reverse the trend from down to up, the key level for bulls is seen at 1.3000 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 1.3509. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.
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