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Technical Market Outlook:
The GBP/USD pair has reversed from the range high located around the level of 1.2142 and it is approaching the range lows. As long as the price trades inside a range located between the levels of 1.2146 - 1.1922, the market remains under the bearish control. The level of 1.2193 and 1.2272 will now act as a technical resistance as well, so a breakout above this level of needed in order to rally higher. The momentum turned negative on the H4 time frame chart, but is not that strong yet as the bulls are trying to regain the control back. The level of 1.1914 remains the key short-term technical support. Please be aware of the 50 MA and 100 MA bearish cross on the H4 time frame as well.
Weekly Pivot Points:
WR3 - 1.20526
WR2 - 1.20024
WR1 - 1.19825
Weekly Pivot - 1.19522
WS1 - 1.19323
WS2 - 1.19020
WS3 - 1.18518
Trading Outlook:
So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern is still in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears resumed the down trend. The down trend was confirmed with the level of 1.2089 breakout (50 WMA), so now the potential target for bears is seen at the level of 1.1840 or below.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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