Technical Market Outlook:

The GBP/USD pair has been locked in a wide range located between the levels of 1.1412 - 1.1957 and the Pin Bar candlestick pattern had been made around the level of 1.1957 recently. This means the downtrend is not over yet as the bearish pressure is still visible. So far the bulls are still trying to bounce and test the technical resistance located at the level of .1957, but so far no avail. Please notice the extremely oversold market conditions on the H4 time frame chart and weak and negative momentum. The larger time frame downtrend continues, but soon it might be a time for a relief rally on Cable. All we need is the momentum to pick up above the neutral level.

Weekly Pivot Points:

WR3 - 1.3144

WR2 - 1.2765

WR1 - 1.2140

Weekly Pivot - 1.1761

WS1 - 1.1090

WS2 - 1.0741

WS3 - 1.0112

Trading Recommendations:

The downtrend will likely be continued towards the parity level. All upward moves will be treated as local corrections in the downtrend until the level of 1.1983 is clearly violated. The long-term target for bears is seen at the level of 1.000 and the long-term target for bulls is a new high above the level of 1.1983.