Technical Market Outlook:

The GBP/USD pair bounce has retraced 50% of the last wave down and hit the level of 1.3792. The market keeps going up on the increasing momentum, so the next target for bulls is the 61% Fibonacci retracement located at the level of 1.3822. If this level is violated, then the bulls will get back to the main channel zone and try to test the recent swing high located at 1.3918. The intraday technical support is located at 1.3745 and 1.3775.

Weekly Pivot Points:

WR3 – 1.4080

WR2 – 1.4000

WR1 – 1.3827

Weekly Pivot – 1.3750

WS1 – 1.3579

WS2 – 1.3494

WS3 – 1.3340

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 –

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