Technical Market Outlook:
The GBP/USD bulls have managed to push the price towards the short-term supply zone located between the levels of 1.2747 - 1.2786. The price has made a new swing high at the level of 1.2811, but this high was made on the Pin Bar candlestick pattern. The price was rejected from the zone, so the momentum went down as well towards the fifty level. In a case of a trend continuation, the next target for bulls is seen at the level of 1.2823 and 1.2848. Nevertheless, the market conditions on H4 time frame are now extremely overbought, so please keep an eye on the price developments around the level of 1.2645. The immediate support is seen at the level of 1.2645.
Weekly Pivot Points:
WR3 - 1.3258
WR2 - 1.2986
WR1 - 1.2861
Weekly Pivot - 1.2596
WS1 - 1.2454
WS2 - 1.2189
WS3 - 1.2084
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.
