Technical Market Outlook:
The bearish pressure on GBP/USD has increased and the market has broke below the technical support located at the level of 1.3608. This level will now act as an intraday technical resistance. The local low was made at the level of 1.3586, so the next target for them is the intraday technical support located at the level of 1.3519. The market is coming off the overbought conditions and the momentum is weak and negative, pointing down. The key mid – term technical support is seen at the level of 1.3428, but please pay attention to any breakout below the trend line support around the level of 1.3500 first. This might be the first indication of a potential move lower.
Weekly Pivot Points:
WR3 – 1.4011
WR2 – 1.3877
WR1 – 1.3788
Weekly Pivot – 1.3646
WS1 – 1.3564
WS2 – 1.3416
WS3 – 1.3342
The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3744 and this was the higher close 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 1.4370.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.