Technical Market Outlook:
The GBP/USD has bounced above the 61% Fibonacci retracement again as the bulls keep trying to continue the up move. The breakout above the short-term trend line resistance (orange line) is a positive signal of the bullish strength and momentum remains strong and positive.The next target for bulls is the supply zone located between the levels of 1.3627 - 1.3660. the immediate technical support is seen at 1.3598, 1.3566 and 1.3488. Breakout above the level of 1.3660 opens the road towards the swing high located at 1.3747.
Weekly Pivot Points:
WR3 - 1.3778
WR2 - 1.3707
WR1 - 1.3619
Weekly Pivot - 1.3549
WS1 - 1.3473
WS2 - 1.3403
WS3 - 1.3319
Trading Outlook:
The up trend is being continued, but the up move might be terminated due to the Shooting Star candlestick pattern made at the daily time frame chart at the level of 1.3717. The overall move from the level of 1.3170 looks like a V-shape reversal pattern, so in the long-term the trend might be about to change from the multi-month down trend to the up trend. Please keep an eye on the level of 1.3500, because any sustained breakout below this level will change the outlook back to the bearish again.
