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Technical Market Outlook:
The GBP/USD pair had collapsed towards the new swing low at the level of 1.0352, which is the lowest level since 1985. The market conditions are extremely oversold on the H4,Daily, Weekly and Monthly time frames, so the bulls are trying to extend the bounce to over 500 pips. Local pull-back had tested the technical resistance located at the level of 1.0890, but this resistance looks very weak, so the Bearish Engulfing candlestick pattern was made at the level of 1.0929. The next technical resistance is located at 1.1210 and 1.1410 and only a sustained breakout above this level would change the outlook to bullish. On the other hand, the next target for bears is located at the parity level of 1.0000, so please keep an eye on this level.
Weekly Pivot Points:
WR3 - 1.16907
WR2 - 1.11401
WR1 - 1.08850
Weekly Pivot - 1.05895
WS1 - 1.03344
WS2 - 1.00389
WS3 - 0.94883
Trading Outlook:
The bears are still in charge of Cable market and the next target for them is the parity level. The level of 1.0351 has not been seen since 1985, so the down trend is strong, however, the market is extremely oversold on longer time frames already. On the other hand, in order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).
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