Technical Market Outlook:
The GBP/USD pair has been seen approaching the last week high located at the level of 1.2504 as the bulls are still in control of the market. The intraday technical support is seen at 1.2454 and the level of 1.2504 will act as the intraday technical resistance. The next key technical resistance and the target for bulls is seen at the level of 1.2550. Please notice, that the mid-term outlook remains bearish due to the Bearish Cross of 50 and 100 DMA on the daily time frame chart, so as long as the level of 1.2550 (long-term technical resistance) is not clearly violated, the down trend might be resumed soon.
Weekly Pivot Points:
WR3 - 1.2868
WR2 - 1.2687
WR1 - 1.2575
Weekly Pivot - 1.2394
WS1 - 1.2282
WS2 - 1.2101
WS3 - 1.1989
Trading Outlook:
The weekly time frame chart shows the Bullish Engulfing candlestick pattern was made during the breakout above the level of 1.2340, so the bulls are in charge of the market and they are pushing the price higher. The market already trades above 50 WMA and is heading towards 100 WMA seen at 1.2504. On the other hand, any sustained breakout below the key long term technical support seen at the level of 1.1802 would dramatically increase the chances of another leg down towards the level of 1.1494.
