Technical Market Outlook:

The GBP/USD pair has hit the level of 1.4007, which is the key short-term technical resistance and any violation of this level would lead to another wave up towards 1.4080. The market conditions are now extremely overbought, but the momentum is strong and positive, so the bulls are still in control of the market. For now the bulls are testing the technical support located at the level of 1.3918 and if this support is violated, then the next technical support is located at the level of 1.3807.

Weekly Pivot Points:

WR3 – 1.4086

WR2 – 1.3961

WR1 – 1.3918

Weekly Pivot – 1.3791

WS1 – 1.3746

WS2 – 1.3618

WS3 – 1.3575

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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