Technical Market Outlook:
The GBP/USD pair has terminated the pull-back at the level of 1.2448 and made another swing high at the level of 1.2572. In a case of a breakout higher, the next target for bulls is swing high seen at the level of 1.2745, but for now the bulls consolidate the recent gains close to the top. The strong and positive momentum on the H4 time frame chart support the bullish outlook for GBP in the short-term. The key technical support is still seen at the level of 1.2373 and the intraday technical support is located at 1.2524.
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 reveals a decisive Bullish Engulfing candlestick pattern materializing amid the breakout beyond the 1.2340 level, signaling the dominance of bullish sentiment as prices continue to climb. Currently, the market is trading above the 50-week moving average (WMA) and is on course towards the 100 WMA positioned at 1.2504. Conversely, a sustained breakout below the critical long-term technical support at 1.1802 significantly heightens the probability of a substantial downward movement, potentially targeting the level of 1.1494.
