Technical Market Outlook:
The GBP/USD pair three wave bounce to the level of 1.3918 (high at 1.3927) had been capped and the market reversed towards 1.3878 again. The momentum is neutral as the volatility is now limited. The oversold market conditions might help bulls to move higher, but the potential wave up might be capped at the level of 1.3965 – 1.4007 again. However, the bulls have managed to bring the price back to the main channel again, so the chances for wave up are better. The key technical support for bulls is located at the level of 1.3807.
Weekly Pivot Points:
WR3 – 1.4166
WR2 – 1.4086
WR1 – 1.3971
Weekly Pivot – 1.3890
WS1 – 1.3768
WS2 – 1.3692
WS3 – 1.3573
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
🚀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.