Technical Market Outlook:
The GBP/USD pair has hit the level of 1.4050 which is the current swing high. Some kind of correction or pull-back is being expected due to the extremely overbought market conditions, so please keep an eye on the local technical support located at the level of 1.3982 - 1.3965. Any violation of this level will open the road towards the next technical support seen at the level of 1.3889. The higher time frame trend is still up and the current correction is only an internal corrective cycle inside of the up trend.
Weekly Pivot Points:
WR3 - 1.4313
WR2 - 1.4176
WR1 - 1.4112
Weekly Pivot - 1.3970
WS1 - 1.3906
WS2 - 1.3764
WS3 - 1.3698
Trading Recommendations:
The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4050 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.
