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Technical Market Outlook:
The GBP/USD pair has hit the level of 1.1410 which is the 7 years low for this pair and the Bullish Engulfing candlestick pattern was made at the H4 time frame chart. The momentum is negative again on the H4 time frame chart, so the larger time frame trend (daily and weekly) remains down until further notice. Please watch closely the further market reaction for the level of 1.1410, because a shallow 100 pips bounce does not terminate the down trend. The bulls need at least to test the level of 1.1717 in order to make a corrective cycle to the upside more probable.
Weekly Pivot Points:
WR3 - 1.15513
WR2 - 1.15077
WR1 - 1.14791
Weekly Pivot - 1.14641
WS1 - 1.14355
WS2 - 1.14205
WS3 - 1.13769
Trading Outlook:
The bearish domination is clear and there is no indication of down trend termination or reversal on the GBP/USD market. The bulls has failed big time to continue the corrective cycle after a big Bearish Engulfing candlestick pattern was made on the weekly time frame, so the downside move accelerated. The next long term target for bears is seen at the level of 1.1410 (2020 low). Please remember: trend is your friend.
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