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Technical Market Outlook:
The GBP/USD pair has retraced 50% of the last wave up and was capped at the level of 1.4001 and reversed. All of the minor technical supports were violated, so now the bears are approaching the level of 1.3857 again. The market is consolidating above the technical support located at the level of 1.3889, but if the price will resume the down move, then the bears will likely continue the down move below 1.3857 towards the swing low located at 1.3780. The market is coming off the overbought conditions as well and the momentum indicator is neutral, which confirms short-term bearish outlook for Cable.
Weekly Pivot Points:
WR3 - 1.4220
WR2 - 1.4106
WR1 - 1.4016
Weekly Pivot - 1.3905
WS1 - 1.3808
WS2 - 1.3702
WS3 - 1.3608
Trading Recommendations:
The GBP/USD pair keeps developing the up trend despite the face, that is 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.
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