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Technical Market Outlook:
The GBP/USD pair has made another higher high at the level of 1.2422 as the up trend continues. Nevertheless, on the H4 time frame chart the rally has ended with a Pain Bar candlestick made in extremely overbought market conditions. The intraday technical support is seen at 1.2342. The intraday technical resistance is located at swing high. Any breakout below the technical support levels ( 1.2181 - 1.2179 zone) will accelerate the correction pace towards the lower levels like 100 MA located at 1.2189. The momentum is strong and positive on the H4 time frame chart, so the short term outlook on the H4 time frame chart remains bullish. The market participants await for another trigger, like UK GDP data release today, to extend the rally higher. Please notice today we have weekly close, monthly close and quarterly close.
Weekly Pivot Points:
WR3 - 1.22794
WR2 - 1.22587
WR1 - 1.22462
Weekly Pivot - 1.2238
WS1 - 1.22255
WS2 - 1.22173
WS3 - 1.21966
Trading Outlook:
So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern is still in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears resumed the down trend. The down trend was confirmed with the level of 1.2089 breakout (50 WMA), so now the potential target for bears is seen at the level of 1.1840 or below.
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