Technical Market Outlook
The GBP/USD pair has reversed sharply from the level of 1.3708, which is the technical support for bulls and is approaching the last swing high located at the level of 1.3822. The immediate technical support is seen at the level of 1.3763, but if violated, then the next target for bears is located at 1.3673. The nearest technical resistance is located at 1.3790. The larger time frame trend remains up and the bulls have a chance to make a Bullish Engulfing candlestick pattern at the daily time frame chart.
Weekly Pivot Points:
WR3 - 1.3933
WR2 - 1.3884
WR1 - 1.3802
Weekly Pivot - 1.3757
WS1 - 1.3683
WS2 - 1.3629
WS3 - 1.3554
Trading Outlook:
The up trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.4000 would improve the outlook to more bullish with a target at 1.4200. 100 DMA is located at the level of 1.3792 and 200 DMA is seen at 1.3846.
