Technical Market Outlook
The GBP/USD bulls had been rejected from the supply zone again and that was their 5th attempt to break through the 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, however the overbought market conditions and increased bearish activity around this zone indicate a retreat towards the consolidation zone again. The key technical support for the short-term is located at 1.3488.
Weekly Pivot Points:
WR3 - 1.3817
WR2 - 1.3724
WR1 - 1.3655
Weekly Pivot - 1.3572
WS1 - 1.3510
WS2 - 1.3417
WS3 - 1.3348
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.
