Technical Market Overview:
The GBP/USD pair has hit the new highs located at the level of 1.3165 after the breakout from the Triangle pattern had occurred. The momentum is strong and positive, so this move up might get some extension even higher. The technical resistance zone has been made with these levels: 1.3175 and 1.3195 and the technical support zone has been made with levels of 1.3039, 1.3012 and 1.3101, so currently the bulls are testing the final level of the current technical resistance zone.
Weekly Pivot Points:
WR3 - 1.3101
WR2 - 1.3019
WS3 - 1.2978
Weekly Pivot - 1.2902
WS1 - 1.2850
WS2 - 1.2773
WS3 - 1.2725
Technical recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is up. All downward moves will be treated as local corrections in the uptrend. In order to reverse the trend from up to down, the key level for bulls is seen at 1.2756 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3509.
