Technical Market Outlook:
The GBP/USD pair has made a new local high at the level of 1.2609, just above the technical resistance located at the level of 1.2580. The market has broken out of the ascending channel and is getting away from it, so the momentum is still increasing and odds for a local up trend continuation after the range breakout are high. The nearest support is seen at the level of 1.2485 and the next target for bulls is seen at the level of 1.2645. The last swing low and technical support is seen at the level of 1.2072, but there is still a long way to test this level of support.
Weekly Pivot Points:
WR3 - 1.2667
WR2 - 1.2540
WR1 - 1.2455
Weekly Pivot - 1.2311
WS1 - 1.2222
WS2 - 1.2062
WS3 - 1.2001
Trading Recommendations:
On the GBP/USD pair the main trend is down, but the local up trend continues. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move lower in the longer-term.
