Technical Market Outlook:
The GBP/USD pair reversed towards the level of 1.3790 after the key short-term technical support at the level of 1.3850 was broken. The market is coming of the overbought conditions and the price is approaching the lower channel line located around the level of 1.3765. The next technical support is seen at the level of 1.3745 and 1.3705. 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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