Technical Market Outlook:
The GBP/USD pair has bounced from the recent lows located at the level of 1.2547mand is heading up to test the technical resistance located at 1.2655. The weak and negative momentum on H4 time frame chart bounced from the extremely oversold market conditions as well, so the market is ready for an up move. Only a strong reversal and a breakout back above the level of 1.2655 would change the short-term bearish outlook, otherwise the price might just bounce up and down in a whipsaw mode for some time. Reversal confirmation comes with the violation of 50 and 100 MA levels.
Weekly Pivot Points:
WR3 - 1.26622
WR2 - 1.26305
WR1 - 1.26199
Weekly Pivot - 1.25988
WS1 - 1.25882
WS2 - 1.25671
WS3 - 1.25354
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.
