Technical Market Outlook:

The GBP/USD pair has broken out of the narrow consolidation zone around the level of 1.3918 and rallied towards the level of 1.4000 again. The local high was made at the level of 1.3975. The momentum is strong and positive, so another wave up above the level of 1.4000 is still on table. The local technical support is located at the level of 1.3923. Any violation of the swing high at the level of 1.4007 will open the road towards the level of 1.4080 as a next target for bulls.

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

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 1.4374.

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

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