Technical Market Outlook:

After the lower boundary of the consolidation zone located at the level of 1.2244 has been violated, the GBP/USD pair has moved down towards the level of 1.2199 (low was made at the level of 1.2166). This low was made in a form of a Pin Bar candlestick pattern, so there is a bullish activity involved at this levels. Nevertheless, the next technical support for GBP is seen at the level of 1.2014 - 1.1957 and if this level is violated, then the bears will be in control of the price again. For now, despite the oversold market conditions, the outlook remains neutral to bullish.

Weekly Pivot Points:

WR3 - 1.2628

WR2 - 1.2555

WR1 - 1.2356

Weekly Pivot - 1.2275

WS1 - 1.2111

WS2 - 1.2024

WS3 - 1.1831

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. On the GBP/USD pair the main trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. 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 this levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).