Technical Market Outlook:
The GBP/USD pair has broken above the level of 1.3883 and is heading higher towards the next target located at the level of 1.3931. The immediate technical support is located at the level of 1.3850 and only if this level is clearly violated, then the bears might have a chance for the down trend continuation towards the levels of 1.3815 and 1.3745. Please notice the overbought market conditions on the H4 time frame favor the local pull-back towards one of the technical support levels. The larger time frame trend is still up and the lower channel boundary on the weekly time frame chart is being respected by market participants. As long as the market trades above this line, the up trend is intact.
Weekly Pivot Points:
WR3 – 1.4036
WR2 – 1.3940
WR1 – 1.3894
Weekly Pivot – 1.3797
WS1 – 1.3747
WS2 – 1.3652
WS3 – 1.3595
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 – www.instaforex.com
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