Technical Market Outlook

After the bounce from the lows of 1.3194, the nearest technical support is seen at the level of 1.3277 and 1.3254, so this level must not be violated again in order for the bounce to be continued towards the technical resistance located at 1.3352. So far the bounce attempts were terminated abruptly, but the positive momentum supports the short-term bullish outlook for the GBP. The current price action does not look like a trend change or down trend termination, because only a sustained breakout above the level of 1.3514 would change the outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.3592

WR2 - 1.3524

WR1 - 1.3417

Weekly Pivot - 1.3347

WS1 - 1.3245

WS2 - 1.3173

WS3 - 1.3063

Trading Outlook:

The down trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.3514 would improve the outlook to more bullish with a target at 1.4200. 200 WMA is located at the level of 1.3387 and might provide some temporary support for bulls.