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Technical Market Outlook:
Not much has changed since yesterday as GBP/USD pair is still hovering just below the 61% Fibonacci retracement located at the level of 1.2516 despite the overbought market conditions. The bulls were rejected from that level and the price went down towards the nearest technical support located at the level of 1.2308. Since then, the market is trading slowly in a narrow horizontal range. There is still no indication of a local up trend reversal and the momentum is still strong and positive. The next technical support is seen at the level of 1.2199, so there is a room for bears. Please notice, that the larger time frame trend remains down and all the moves up will be treated as a local counter-trend corrections during the down trend.
Weekly Pivot Points:
WR3 - 1.3952
WR2 - 1.3223
WR1 - 1.2933
Weekly Pivot - 1.2180
WS1 - 1.1877
WS2 - 1.1101
WS3 - 1.0804
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).
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