Technical Market Outlook:
The GBP/USD pair bounce has hit the 50% Fibonacci retracement level located at 1.3834 and then the bounce was capped. The bears pushed the price towards the level of 1.3757, which is the key intraday technical support, located just below the trend line support at 1.3735. Any violation of this level will accelerate the sell-off towards the level of 1.3668 ( swing low). Please notice the bounce has been terminated when market entered overbought conditions on a barely positive momentum.
Weekly Pivot Points:
WR3 - 1.4089
WR2 - 1.3984
WR1 - 1.3884
Weekly Pivot - 1.3780
WS1 - 1.3675
WS2 - 1.3568
WS3 - 1.3466
Trading Recommendations:
The GBP/USD pair keeps developing the up trend and bulls are 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.
