Technical Market Outlook:
The GBP/USD pair has been seen moving upward after the local low was made at the level of 1.2797 and currently is approaching the 61% Fibonacci retracement level located at 1.3012. The intraday technical support is seen at the level of 1.2963 and the intraday technical resistance is located at 1.3050.Please notice, the bounce upwards gets the bulls closer to the swing high seen at 1.3129 and the key long term technical resistance on the Weekly time frame chart located at 1.3163. Strong and positive momentum on the H4 time frame chart support the short-term bullish outlook for GBP.
Weekly Pivot Points:
WR3 - 1.29941
WR2 - 1.29173
WR1 - 1.28745
Weekly Pivot - 1.28405
WS1 - 1.27977
WS2 - 1.27637
WS3 - 1.26869
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.
