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.

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The material has been provided by InstaForex Company – www.instaforex.com

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