Technical Overview:
The GBP/USD pair is testing the key technical resistance zone located between the levels of 1.2746 - 1.2761. The momentum is strong and positive, so the breakout is very possible and the next target is seen at the level of 1.2813. Please notice the market conditions are now overbought, so a local pull-back towards the level of 1.2725 or even 1.2668 might be made before the final push through the resistance. The larget time frame trend is still down.
Weekly Pivot Points:
WR3 - 1.3080
WR2 - 1.2903
WR1 - 1.2852
Weekly Pivot - 1.2673
WS1 - 1.2612
WS2 - 1.2435
WS3 - 1.2368
Trading Recommendations:
The current move up might the beginning of a larger impulsive breakout, so only the buy orders should be opened. The best strategy for this market is to open the buy orders during the local pull-back or larger corrections. Nevertheless, please notice that the larget time frame trend is down, so all the shorter timeframe moves are being treated as a correction inside of the downtrend.
