Technical Market Outlook:
The GBP/USD pair has been consolidating just below the 50% Fibonacci retracement located at the level of 1.3792. The local low was made at the level of 1.3750, but the market bounced right back up, so the Bearish Sandwich candlestick pattern was made. The market keeps going up on the increasing momentum, so the next target for bulls is the 61% Fibonacci retracement located at the level of 1.3822. If this level is violated, then the bulls will get back to the main channel zone and try to test the recent swing high located at 1.3918. The intraday technical support is located at 1.3745 and 1.3775.
Weekly Pivot Points:
WR3 - 1.4080
WR2 - 1.4000
WR1 - 1.3827
Weekly Pivot - 1.3750
WS1 - 1.3579
WS2 - 1.3494
WS3 - 1.3340
Trading Recommendations:
The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.
