Technical Market Outlook:
The GBP/USD pair has made another higher high at the level of 1.3950 (at the time of writing the article). The next target for bulls is seen at the level of 1.3965 - 1.3982, but due to the overbought market conditions at the H4 time frame chart it might take some time. So far the biggest correction had 90 pips, so any move down bigger than 90 pips will be treated as overbalance. The momentum is still strong and positive, so the bullish sentiment prevails. The larger time frame trend is still up as well and the price is above 50 DMA on daily and weekly charts.
Weekly Pivot Points:
WR3 - 1.4119
WR2 - 1.3990
WR1 - 1.3939
Weekly Pivot - 1.3805
WS1 - 1.3748
WS2 - 1.3625
WS3 - 1.3558
Trading Recommendations:
The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level of 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3901 and this was the higher close in over two years. All the local corrections should be used to open 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.
