Technical Market Outlook:
The GBP/USD pair has bounced from the main channel upper line seen around the level of 1.2900 and spiked up towards the technical resistance located at 1.3059 again. It looks like this zone will be the key short-term zone for both bulls and bears and only a clear and sustained breakout will show the traders the next direction for Pound. In a case of a bullish scenario, the next target would be 1.3121 and the next target for bears is seen at the level of 1.2868 and 1.2848.
Weekly Pivot Points:
WR3 – 1.3328
WR2 – 1.3191
WR1 – 1.3137
Weekly Pivot – 1.2992
WS1 – 1.2933
WS2 – 1.2792
WS3 – 1.2730
On the GBP/USD pair the main, multi-year trend is down, which can be confirmed by the down candles on the monthly time frame chart. The key long-term technical resistance is still seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518 is the reversal level) or accelerate towards the key long-term technical support is seen at the level of 1.1903 (1.2589 is the key technical support for this scenario).
The material has been provided by InstaForex Company – www.instaforex.com
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