Technical Market Outlook:
After the new low was made at the level of 1.3669, the GBP/USD pair has broken back above the long-term trend line support around the level of 1.3710 and made a local high during the pull-back at 1.3780 (intraday technical resistance). Despite this bounce, the bears are in full control of the market and the next target for them is located at the level of 1.3608. Please notice, that at the current price levels Cable is trading below the lower channel line at the daily time frame chart as well, which is another bearish indicator. The nearest technical resistance is seen at the level of 1.3757 – 1.3780.
Weekly Pivot Points:
WR3 – 1.4132
WR2 – 1.4065
WR1 – 1.3940
Weekly Pivot – 1.3879
WS1 – 1.3752
WS2 – 1.3684
WS3 – 1.3557
The GBP/USD pair keeps developing the up trend despite the fact, that is 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 1.4370.
The material has been provided by InstaForex Company – www.instaforex.com
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