Technical Market Outlook:
The GBP/USD pair has made another local high at the level of 1.2948, so the bulls are still in control over this market. Moreover, the bulls had broken out from the ascending channel, which is rather another confirmation of the positive sentiment despite the overbought market conditions. The next target for bulls is seen at the level of 1.3000 and 1.3017. The nearest support is seen at the level of 1.2869 and 1.2848. Please notice the extremely overbought market conditions despite strong and positive momentum might result in dynamic pull-back soon.
Weekly Pivot Points:
WR3 - 1.3215
WR2 - 1.2993
WR1 - 1.2929
Weekly Pivot - 1.2717
WS1 - 1.2632
WS2 - 1.2427
WS3 - 1.2355
Trading Recommendations:
On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support 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 these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).
