Technical Market Overview:

The GBP/USD pair did not move much during and after the weekend and the bounce has been very shallow so far. After the level of 1.2959 was hit on the way down the bounce just hit the nearest technical resistance at the level of 1.2995. No indication of any kind of a downtrend reversal is present as well, but as the market is trading in an oversold conditions, the bounce might evolve into a horizontal consolidation. Nevertheless, the bias remains bearish and the price should not rally above the trendline boundary around the level of 1.3070.

Weekly Pivot Points:

WR3 - 1.3385

WR2 - 1.3316

WR1 - 1.3123

Weekly Pivot - 1.3053

WS1 - 1.2856

WS2 - 1.2781

WS3 - 1.2654

Trading Recommendations:

All the sell orders opened during the pullback should be still in play with the target at the level of 1.2938. Good levels to open a sell order are 1.3012, 1.3050 and 1.3070. Please use a tight protective stop-loss and trial the order if needed as well.