Technical Market Outlook:
The GPB/USD pair keeps trading in the ascending channel and the bulls are pushing higher every time the market makes a pull-back. At the beginning of the new week bulls made a new high at the level of 1.3330 (at the time of writing the article) and keep pushing. The next target for bulls is seen at the level of 1.3447(swing high) and then at 1.3512. The nearest technical support is located at 1.3306, 1.3295 and 1.3264. The strong and positive momentum supports the short-term bullish outlook.
Weekly Pivot Points:
WR3 – 1.3491
WR2 – 1.3401
WR1 – 1.3359
Weekly Pivot – 1.3256
WS1 – 1.3209
WS2 – 1.3108
WS3 – 1.3061
The GBP/USD pair is in the down trend on the monthly time frame, but the recent bounce from the low at 1.1411 made in the middle of March 2020 looks very strong and might be a reversal swing. In order to confirm the trend change, the bulls have to break through the technical resistance seen at the level of 1.3518. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken.
The material has been provided by InstaForex Company – www.instaforex.com
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