Technical Market Outlook:
The GBP/USD pair has bounced from the technical support located at the level of 1.3669. This level had been tested twice already and it is the key short-term technical support for bulls. The target for the bounce is located at the level of 1.3745, but of the bounce gets extended, then the price might hit the lower channel boundary located around the level of 1.3795. Please notice, the momentum is still weak and negative, so the bears are still in control of the market and all the bounces are so far the counter-trend corrective in nature.
Weekly Pivot Points:
WR3 - 1.4080
WR2 - 1.4000
WR1 - 1.3827
Weekly Pivot - 1.3750
WS1 - 1.3579
WS2 - 1.3494
WS3 - 1.3340
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.
