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Technical Market Overview:
The GBP/USD pair has tested the technical resistance at the level of 1.2559, but there was a Bearish Engulfing pattern made around this level. The momentum is positive, so there is a chance for another rally towards the trendline around the level of 1.2600, but it must be done quickly to surprise the bears. Please notice, the price is still trading below the descending trendline, so there is no sign of any downtrend reversal yet.
Weekly Pivot Points:
WR3 - 1.2853
WR2 - 1.2772
WR1 - 1.2630
Weekly Pivot - 1.2551
WS1 - 1.2402
WS2 - 1.2319
WS3 - 1.2180
Trading Recommendations:
The best strategy for the current market conditions is to follow the larger timeframe trend. The larger time frame trend is still down and there are no signs of any trend reversal. The key long-term technical support is seen at the level of 1.2420 and the key long-term technical resistance is seen at the level of 1.2775 and only if this level is violated, there is a chance for the trend reversal.
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