Weekly Base Under Preasure towards 1.2200$ and 1.2000$
Technical Market Outlook:
The GBP/USD pair has made a local low at the level of 1.2388 after the 50% Fibonacci retracement had been violated. The larger time frame trend remains up, but in the short-term the bears are in control of the market and the next target for them is located at the level of 1.2369 (61% Fibonacci retracement of the last wave up). Please notice, that the level of 1.2406 had been providing support for some time now, so any violation of this level will lead to a deeper sell-off towards 1.2369 and even 1.2165.
Weekly Pivot Points:
WR3 - 1.2855
WR2 - 1.2741
WR1 - 1.2613
Weekly Pivot - 1.2507
WS1 - 1.2367
WS2 - 1.2267
WS3 - 1.2125
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The GBP/USD pair has made a local low at the level of 1.2388 after the 50% Fibonacci retracement had been violated. The larger time frame trend remains up, but in the short-term the bears are in control of the market and the next target for them is located at the level of 1.2369 (61% Fibonacci retracement of the last wave up). Please notice, that the level of 1.2406 had been providing support for some time now, so any violation of this level will lead to a deeper sell-off towards 1.2369 and even 1.2165.
Weekly Pivot Points:
WR3 - 1.2855
WR2 - 1.2741
WR1 - 1.2613
Weekly Pivot - 1.2507
WS1 - 1.2367
WS2 - 1.2267
WS3 - 1.2125
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Thank you for your support, I appreciate it.