Technical Market Outlook:
The market conditions on the GBP/USD are coming off the overbought conditions and the momentum is weak and negative. The bulls has tested the lower main channel line around the level of 1.3890, but the bounce was shallow and bears has managed to push the price towards the 50% Fibonacci retracement located at 1.3838. The next target for bears is 61% Fibonacci retracement located at 1.3797, which is just below the technical support seen at 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
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 1.4374.
The material has been provided by InstaForex Company – www.instaforex.com
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