Technical Market Overview:
The GBP/USD pair has retraced 50% of the recent sudden move up and the market has bounced from the level of 1.3082. The bulls might try to move higher again and try to test the recent high made at the level of 1.3175 as the momentum is still above its fifty levels and points to the north. On the other side, any violation of the level of 1.2989 will invalidate the bullish scenario.
Weekly Pivot Points:
WR3 - 1.3556
WR2 - 1.3373
WR1 - 1.3290
Weekly Pivot - 1.3079
WS1 - 1.3017
WS2 - 1.2819
WS3 - 1.2743
Trading Recommendations:
After the big up candle, the best trading strategy for daytraders is to buy the local pull-back in anticipation of the up move to continue towards the level of 1.3207. No indication of any trend change yet, so only buy orders should be in play. The first good level to open the buy order is seen at 1.3082 and 1.3060.
