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Technical Market Outlook:
The market conditions on the GBP/USD are still overbought, but the momentum is strong and positive, so the bulls are still in control of the market. The bulls has tested the lower main channel line around the level of 1.3890 and the market has bounced higher , back above the technical support seen at 1.3918. The price is consolidating in a narrow range, but any breakout higher will target the level of 1.4007 again (swing high). The larger time frame trend is still up and the long-term target for bulls is seen at the level of 1.4374.
Weekly Pivot Points:
WR3 - 1.4086
WR2 - 1.3961
WR1 - 1.3918
Weekly Pivot - 1.3791
WS1 - 1.3746
WS2 - 1.3618
WS3 - 1.3575
Trading Recommendations:
The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4374.
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