Technical Market Outlook:
The GBP/USD pair has broken out of the consolidation zone located between the levels of 1.4001 - 1.3820 and made a new local low at the level of 1.3801. The bears approaching the key short-term technical support located at the level of 1.3780 - 1.3757. Any violation of this zone will expose the long term trend line support for a test (marked orange on H4 time frame chart). The momentum is now weak and negative, which is in line which the outlook.
Weekly Pivot Points:
WR3 - 1.4132
WR2 - 1.4065
WR1 - 1.3940
Weekly Pivot - 1.3879
WS1 - 1.3752
WS2 - 1.3684
WS3 - 1.3557
Trading Recommendations:
The GBP/USD pair keeps developing the up trend despite the fact, 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.
