Technical Market Outlook:
The GBP/USD pair has failed to break through the recent swing high seen at the level of 1.3624 and pulled-back towards the middle of the consolidation zone. The local low during the pull-back was made at the level of 1.3428 and will now act as an intraday support. Nevertheless, the bullish pressure is clear and if the swing high is broken, then the next target is seen at the level of 1.3667 and 1.3708. Please notice, the market conditions are now overbought, so a pull back towards the intraday support located at 1.3515 and 1.3538 is welcome. The momentum remains strong and positive, which supports the short term bullish outlook.
Weekly Pivot Points:
WR3 - 1.4170
WR2 - 1.3890
WR1 - 1.3745
Weekly Pivot - 1.3458
WS1 - 1.3319
WS2 - 1.3039
WS3 - 1.2880
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.
