Technical Market Outlook:
The GBP/USD pair has made a new marginal swing high at the level of 1.2592 and is starting a pull-back cycle. The intraday technical support is seen at the level of 1.2589 and the intraday technical resistance is seen at 1.2583. The momentum on H4 time frame chart is positive and strong, so when the pull-back is completed, then the next target for bulls is seen at 61% Fibonacci retracement located at the level of 1.2778. The key short-term technical support is seen at 1.2343.
Weekly Pivot Points:
WR3 - 1.28474
WR2 - 1.26894
WR1 - 1.26278
Weekly Pivot - 1.25314
WS1 - 1.24698
WS2 - 1.23734
WS3 - 1.22154
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.
