Technical Market Outlook:

The GBP/USD pair has made a new swing low at the level of 1.1187 as the down trend continues below the multi-year technical resistance located at 1.1410. The market participants await the UK PMI data scheduled for release today at 9:30 AM. The intraday technical resistance is located at the levels of 1.1351 and 1.1264. Please keep an eye on the market behavior during the news release as the volatility might be extremely high.

Weekly Pivot Points:

WR3 - 1.15678

WR2 - 1.14810

WR1 - 1.14335

Weekly Pivot - 1.13942

WS1 - 1.13467

WS2 - 1.13074

WS3 - 1.12206

Trading Outlook:

The bears tested the level of 1.1410 (2020 swing low) not so long ago and now the market is in the pull back mode.The bearish pressure is still strong and the technical support might be violated. On the other hand, in order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).