Technical Market Outlook:
After the GBP/USD pair had reversed from the level of 1.4001 and broke below the technical support located at the level of 1.3857 the new low was made at the level of 1.3808. The move down itself was made in three waves, ABC, so it is clearly corrective in nature. Currently, bulls are trying to resume the up trend again by bouncing towards the level of 1.3904 which is an intraday technical resistance for the market. If this level is violated, then the next target for bulls is seen at the level of 1.3948 and 1.3965. Please notice the 50 DMA located at the level of 1.3793 might be some kind of support for the price.
Weekly Pivot Points:
WR3 - 1.4220
WR2 - 1.4106
WR1 - 1.4016
Weekly Pivot - 1.3905
WS1 - 1.3808
WS2 - 1.3702
WS3 - 1.3608
Trading Recommendations:
The GBP/USD pair keeps developing the up trend despite the face, that is back inside the main ascending channel. 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.
