Technical Market Outlook:
The GBP/USD pair has rebounced from the lows seen at the level of 1.2690 and is heading higher towards the swing high located at 1.2846. The 50 MA will provide the dynamic resistance for bulls around the level of 1.2804. The momentum is strong and positive, so the short-term outlook for GBP remains bullish. The intraday technical support is seen at the level of 1.2738 and 1.2690.
Weekly Pivot Points:
WR3 - 1.28745
WR2 - 1.28480
WR1 - 1.28330
Weekly Pivot - 1.28215
WS1 - 1.28065
WS2 - 1.27950
WS3 - 1.27685
Trading Outlook:
The 61% Fibonacci retracement located at the level of 1.2778 has been hit, but it does not indicate the corrective cycle to the upside had been terminated. Any sustained breakout above this level and a weekly candle close above it is needed to change the long-term outlook to bullish. The key long term level of technical support is seen at 1.2444. The next long-term target for bulls is seen at the level of 1.3160.
