Technical Market Outlook:
The GBP/USD pair has broken above the last swing high seen at the level of 1.2524 and made a new swing high seen at 1.2545 (at the time of writing the article). The intraday technical support is seen at the level of 1.2524 and the next target for bulls is located at 1.1649. The momentum on H4 time frame chart is still strong and positive, so the short-term outlook for GBP remains bullish unless the level of 1.2343 is clearly violated.
Weekly Pivot Points:
WR3 - 1.25962
WR2 - 1.24982
WR1 - 1.24564
Weekly Pivot - 1.24002
WS1 - 1.23584
WS2 - 1.23022
WS3 - 1.22042
Trading Outlook:
Pound continues the corrective cycle to the upside and on the Weekly time frame chart the price is about to hit the 61% Fibonacci retracement located at the level of 1.2778. When this level is hit, the high volatility is expected, so please stay focused as the bears will defend this level strongly.
