Technical Market Outlook:

The GBP/USD pair has not been able to break through the 50% of the Fibonacci retracement of the last wave down. The bears have pushed the price towards the short-term trend line support around the level of 1.2400 again. The level of 1.2446 might be a key short-term level for both bulls and bears as any violation of this retracement level will lead to another sub-wave up with a target at the levels of 1.2466, 1.2485 and 1.2493. Nevertheless, in order to continue the larger time frame up trend, the bulls must violate the swing high located at 1.2645 otherwise the current move up will be considered as a counter-trend corrective wave that will not last for long.

Weekly Pivot Points:

WR3 - 1.2379

WR2 - 1.2609

WR1 - 1.2480

Weekly Pivot - 1.2357

WS1 - 1.2228

WS2 - 1.2104

WS3 - 1.1970

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).