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Technical Market Outlook:
The GBP/USD pair keeps moving lower as the bears broke through the technical support located at the level of 1.2086 and are below 61% Fibonacci retracement level (1.2074). The level of 1.2242 will now act as a technical resistance and the bottom for the corrective wave W. The overall corrective cycle is now evolving onto more complex and time consuming WXY pattern, where waves W and Y are done and wave Y is in progress. The momentum is weak and negative and hit the extremely oversold market conditions, which supports the short-term bearish outlook for GBP. The bounce should be expected soon.
Weekly Pivot Points:
WR3 - 1.20749
WR2 - 1.20704
WR1 - 1.2068
Weekly Pivot - 1.20659
WS1 - 1.20635
WS2 - 1.20614
WS3 - 1.20569
Trading Outlook:
So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern might be in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears might resume the down trend. The confirmation of the pattern comes with the level of 1.2089 breakout with a potential target at the level of 1.1840.
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