Technical Market Outlook:
The GBP/USD pair has retraced 50% of the last wave down and made a local top at the level of 1.4001. The market conditions are now overbought on the H4 time frame, so the down move might start soon. The intraday technical support is seen at the levels of 1.2889 and 1.3857. The bears are still in control of the market in the short-term, so traders should expect another push down towards 1.3780 and below. Please keep and eye on the weekly time frame chart as well as there is an interesting trend reversal candlestick known as Shooting Star at the very top of the last rally towards 1.4224.
Weekly Pivot Points:
WR3 - 1.4174
WR2 - 1.4089
WR1 - 1.3934
Weekly Pivot - 1.3853
WS1 - 1.3702
WS2 - 1.3617
WS3 - 1.3458
Trading Recommendations:
The GBP/USD pair keeps developing the up trend. The recent top was made at the level of 1.4224 and this was the higher high 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.
