Technical market overview:

After hitting the level of 1.2977 the GBP/USD pair has bounced back towards the nearest technical resistance at the level of 1.3157 and still traders below this level. Nevertheless, another move down is still on the table as the consolidation zone lower boundary is still the local technical support zone located between the levels of 1.2938 - 1.2959. The momentum is still weak and negative despite the oversold market conditions at this timeframe. No major breakout occurred since the middle of the March and the global investors are still waiting for the uptrend to continue.

Weekly Pivot Points:

WR3 - 1.3460

WR2 - 1.3363

WR1 - 1.3172

Weekly Pivot - 1.3070

WS1 - 1.2882

WS2 - 1.2787

WS3 - 1.2567

Trading recommendations:

The pair remains in the consolidation zone, so due to the oversold market conditions, the next good trade should be a buy trade with target seen at the level of 1.3157 which is the technical resistance level. All protective stop-loss orders should be placed below the level of 1.2977.