Allmypips
Short

Weekly Base Under Preasure towards 1.2200$ and 1.2000$

FX:GBPUSD   British Pound / U.S. Dollar
Technical Market Outlook:
The GBP/USD pair has made a local low at the level of 1.2388 after the 50% Fibonacci retracement had been violated. The larger time frame trend remains up, but in the short-term the bears are in control of the market and the next target for them is located at the level of 1.2369 (61% Fibonacci retracement of the last wave up). Please notice, that the level of 1.2406 had been providing support for some time now, so any violation of this level will lead to a deeper sell-off towards 1.2369 and even 1.2165.
Weekly Pivot Points:
WR3 - 1.2855
WR2 - 1.2741
WR1 - 1.2613
Weekly Pivot - 1.2507
WS1 - 1.2367
WS2 - 1.2267
WS3 - 1.2125
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Comments

thanks for this! here's my view on GBPUSD, I maintain a bearish bias as well and we could be seeing a retest of the resistance area you have highlighted. Here's my take on GBPUSD if price actually pushes higher from here :
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@FXCM, Agree with you agree I think we hit the target but we see some small correction upside and again fall towards 1.2000
Reply
Nice and clean analysis! do you use pivot points and how do you determine your SL?

We share the same view as you on this pair!
This is our analysis! Would appreciate your thoughts!

Reply
@FXCM, agree
Reply
well done, this is good.
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