Technical Market Outlook:
The GBP/USD pair has made a new swing high at the level of 1.3141 as the bulls keeps pushing higher to extend the up trend towards the next target seen at the level of 1.3163, which is the key long term technical resistance on the Weekly time frame chart. Currently, the bulls pulled-back from the highs and is approaching the short-term technical support seen at the level of 1.3000 and 1.2969. The old swing high will now act as an key short-term technical support located at the level of 1.2848. The momentum is strong and positive, however, the extremely overbought market conditions were hit on the H4, Daily and Weekly time frame chart, so a pull-back towards the support is on the table. Only a sustained breakout below the moving average dynamic support around 1.2693 would change the outlook to more negative.
Weekly Pivot Points:
WR3 - 1.31186
WR2 - 1.31040
WR1 - 1.30976
Weekly Pivot - 1.30894
WS1 - 1.30830
WS2 - 1.30748
WS3 - 1.30602
Trading Outlook:
The bulls keep continuing the up trend towards the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. Only a sustained breakout blow the technical support seen at the level of 1.1775 would change the outlook to bearish.
