Technical Market Outlook:

The GBP/USD bulls was not strong enough to break through 61% Fibonacci retracement and the price reversed towards the level of 1.2550. Since then the price keeps consolidating in a narrow range located between the levels of 1.2509 - 1.2580. The market conditions bounced from the oversold levels, so the bulls might risk another wave up from the current levels towards the nearest technical resistance seen at the level of 1.2747. Nevertheless, they have to violate the level of 1.2674 first. The immediate technical support is seen at the level of 1.2645.

Weekly Pivot Points:

WR3 - 1.3034

WR2 - 1.2910

WR1 - 1.2681

Weekly Pivot - 1.2581

WS1 - 1.2343

WS2 - 1.2226

WS3 - 1.2014

Trading Recommendations:

On the GBP/USD pair the main trend is down, but the local up trend continues. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.