Technical Market Outlook:
The GBP/USD pair has made a new local high at the level of 1.3692 and is approaching the 61% Fibonacci retracement seen at the level of 1.3720. The next technical resistance is located at 1.3726 and the nearest technical support is seen at the level of 1.3679, 1.3692 and 1.3547 and if this levels are broken, the road to the last week low is open. The strong and positive momentum supports the short-term bullish outlook.
Weekly Pivot Points:
WR3 - 1.3798
WR2 - 1.3729
WR1 - 1.3675
Weekly Pivot - 1.3598
WS1 - 1.3549
WS2 - 1.3477
WS3 - 1.3424
Trading Outlook:
The weekly and monthly time frame chart show a breakout below the key technical support located at 1.3516, so now the bears are in total control of the market. The next target for bears is seen at the level of 1.3174. The levels of 1.3408 and 1.3371 might give some support for bulls as they are 55 and 200 weekly moving average levels.
