The GBP/USD pair has tested the technical resistance level for the second time in the last few days, but failed to break through it. If bulls eventually break through this level, then the next target for them is located at the level of 1.2209 and then at 1.2248. The positive and strong momentum supports the short-term bullish outlook towards these levels.
Weekly Pivot Points:
WR3 – 1.2378
WR2 – 1.2273
WR1 – 1.2217 Weekly Pivot Point – 1.2114
WS1 – 1.2060
WS2 – 1.1953
WS3 – 1.1902
The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2429. As long as the price is trading below this level, the downtrend continues.