Technical Market Outlook:

The GBP/USD pair has moved down a little after the lower boundary of the consolidation zone located at the level of 1.2244 has been violated. This move down might be a reaction to the news regarding the UK Prime Minister Boris Johnson. He was admitted to the hospital because the fever caused by the coronavirus persists. Johnson reported nearly 10 days ago that the tests had shown him a virus, but assured him that the symptoms were mild and that he would be remotely managing the work of the government. It is not known yet whether Johnson will remain in the hospital for long, but will continue to lead the government. When we look back to the chart, we can see that the next technical support for GBP is seen at the level of 1.2014 - 1.1957 and if this level is violated, then the bears will be in control of the price again.

Weekly Pivot Points:

WR3 - 1.2628

WR2 - 1.2555

WR1 - 1.2356

Weekly Pivot - 1.2275

WS1 - 1.2111

WS2 - 1.2024

WS3 - 1.1831

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).