Technical Market Outlook:
The GBP/USD pair has closed the Monday open gap located at the level of 1.3476. Moreover, the market retraced more than 61% of the last wave down, but reversed anyway as the bearish pressure is clear. The next technical support is located at the level of 1.3264 and 1.3240. Please notice, that if the level of 1.3240 is violated, the price will be close to the main trend line support located around the level of 1.3175. The key technical support is still seen between the levels of 1.3165 - 1.3121.
Weekly Pivot Points:
WR3 - 1.3982
WR2 - 1.3787
WR1 - 1.3662
Weekly Pivot - 1.3457
WS1 - 1.3286
WS2 - 1.3107
WS3 - 1.2936
Trading Recommendations:
The GBP/USD pair might have started a long term up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. All the local corrections should be used to enter 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.
