Technical Market Outlook
The GBP/USD pair has bounced from a swing low at the level of 1.3352, broken out of the channel and made a local high at the level of 1.3512, just below the technical resistance seen at 1.3516. The target for bulls is seen at the level of 1.3536, which is 38% Fibonacci retracement of the last wave down, but the Shooting Star candlestick pattern made earlier had capped the bounce already. The key technical resistance is seen at the level of 1.3604 and as long as the price trade below this level, the outlook is bearish.
Weekly Pivot Points:
WR3 - 1.3776
WR2 - 1.3685
WR1 - 1.3527
Weekly Pivot - 1.3436
WS1 - 1.3276
WS2 - 1.3182
WS3 - 1.3013
Trading Outlook:
The down trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.3514 would improve the outlook to more bullish with a target at 1.4200. 200 WMA is located at the level of 1.3387 and might provide some temporary support for bulls.
