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Technical market overview:
The bulls on GBP/USD pair has broken above the level of 1.2939, which was the first clue that the larger timeframe trend might be reversing, but the reaction from bears was immediate. The bulls made a high at the level of 1.2988 and a Pin Bar candlestick pattern was created, which means the supply is strong at this level and bears are defending the resistance zone. The market conditions are now overbought, so after the Pin Bar, the local pull-back might be in progress. The momentum is still positive, so the pull-back might not be that deep and reach the level of 1.2783 or 1.2705 before the rally resume.
Weekly Pivot Points:
WR3 - 1.3395
WR2 - 1.3032
WR1 - 1.2877
Weekly Pivot - 1.2532
WS1 - 1.2380
WS2 - 1.2032
WS3 - 1.1859
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 1.2939 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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