Technical Market Outlook:
The GBP/USD pair has made another swing high located at the level of 1.3620, but the rally was capped after the Bearish Engulfing pattern was made at the H4 time frame chart. The bulls are still in control of the market, the momentum is still strong and positive, but the market conditions are overbought, so it might be a time for a pull-back. The nearest technical support is seen at the level of 1.3538 and 1.3515. Please notice, the up trend at the daily time frame chart is still in progress and there is no indication of a trend change yet.
Weekly Pivot Points:
WR3 - 1.3813
WR2 - 1.3637
WR1 - 1.3455
Weekly Pivot - 1.3298
WS1 - 1.3125
WS2 - 1.2955
WS3 - 1.2786
Trading Recommendations:
The GBP/USD pair might have started a long term up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.
