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Technical Market Outlook:
The GBP/USD pair had broken above the short-term technical resistance and made a new local high at the level of 1.2244 (at the time of writing the analysis). The supply zone located between the levels of 1.2161 - 1.2187 which was the main short-term obstacle for bulls was broken then. The momentum is strong and positive, however, the market is trading in the extremely overbought conditions on the H4 time frame chart, so a pull-back towards the trend line for a test is welcome.
Weekly Pivot Points:
WR3 - 1.2057
WR2 - 1.2017
WR1 - 1.1996
Weekly Pivot - 1.1978
WS1 - 1.1956
WS2 - 1.1938
WS3 - 1.1892
Trading Outlook:
The Cable is way below 100 and 200 DMA , so the bearish domination is clear and there is no indication of down trend termination or reversal. The bulls are now trying to start the corrective cycle after a big Bullish Engulfing candlestick pattern was made on the weekly time frame chart (last week), however there is no visible progress here yet. The next long term target for bears is seen at the level of 1.1410. Please remember: trend is your friend.
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