Technical Market Outlook
The GBP/USD pair has made a new swing high at the level of 1.3747 and is currently consolidating the recent gains in a narrow range. The next target for bulls is located at 1.3763 and might be hit very soon. The immediate technical support is seen at 1.3708 and 1.3673. The strong and positive momentum support the short-term bullish outlook for GBP, however, the market conditions are now extremely overbought on the H4 time frame chart, so a pull-back towards the nearest technical support to test it might occur any time soon. Please keep an eye on the upward channel breakout to the downside as the first clue of the top for this market.
Weekly Pivot Points:
WR3 - 1.3817
WR2 - 1.3714
WR1 - 1.3658
Weekly Pivot - 1.3540
WS1 - 1.3488
WS2 - 1.3377
WS3 - 1.3322
Trading Outlook:
To corrective movement to the upside is continued. The down trend long-term target is located at 1.2668 ( September 2020 lows) as long as the level of 1.3604 is not clearly broken (daily candle close far away from this level).
