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.

analytics6076914ad6a12.jpg

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

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.