Technical market overview:
The GBP/USD pair has broken down through the technical support zone between the levels of 1.2920 - 1.2828 and moved down towards the next technical support at the level of 1.2853, but even this level has been violated as well. The new local low on its way down has been made at the level of 1.2844 and it looks like it is not the end of the decline. The next target is seen at the level of 1.2832 and 1.2814. The weak and negative momentum supports the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.3314
WR2 - 1.3207
WR1 - 1.3066
Weekly Pivot - 1.2955
WS1 - 1.2817
WS2 - 1.2712
WS3 - 1.2570
Trading recommendations:
All the targets for sell orders recommended yesterday has been hit at the level of 1.2853, so congratulations to everyone who took the trade. For today, as the downtrend continues, only sell orders should be opened again, preferabclosecloase at possible to the level of 1.2883 with a target at the levels of 1.2832 and 1.2814.
The material has been provided by InstaForex Company -
www.instaforex.com