Technical Market Outlook:

The GBP/USD pair is trading back above the long-term trend line and is challenging the level of 1.3801 again. Any violation of this level will expose the next technical resistance located at 1.3850 for a test. Please notice, the market is bouncing from the oversold conditions as well, which support the counter-trend bounce scenario. The intraday technical support is seen at the level of 1.3757, the trend line support is located at 1.3735. Weekly time frame trend remains up.

Weekly Pivot Points:

WR3 – 1.4089

WR2 – 1.3984

WR1 – 1.3884

Weekly Pivot – 1.3780

WS1 – 1.3675

WS2 – 1.3568

WS3 – 1.3466

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and bulls are 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 –

Leave your vote

🚀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.