Technical Market Outlook:
The GBP/USD pair has broken through the monthly trend line resistance located around the level of 1.1988 and made a new high at the level of 1.2308. Please notice the market conditions on the H4 time frame chart are now becoming overbought despite the strong and positive momentum, so the down trend might resume any time soon. Larger time frame trend remains down.
Weekly Pivot Points:
WR3 - 1.3144
WR2 - 1.2765
WR1 - 1.2140
Weekly Pivot - 1.1761
WS1 - 1.1090
WS2 - 1.0741
WS3 - 1.0112
Trading Recommendations:
The downtrend will likely be continued towards the parity level. All upward moves will be treated as local corrections in the downtrend until the level of 1.1983 is clearly violated. The long-term target for bears is seen at the level of 1.000 and the long-term target for bulls is a new high above the level of 1.1983.
