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Technical Market Outlook
The GBP/USD pair has been seen trading inside a tight horizontal range since the local top was made at the level of 1.3210. The bullish pressure is strong and push of the price above the technical resistance located at 1.3194 might extend the rally towards the next target seen at 1.3240 and 1.3264. The market conditions are still overbought , however any violation of the level of 1.3121 will indicate a bearish market, so please keep an eye on this level and on the whole demand zone located between the levels of 1.3121 - 1.3140. The nearest technical resistance is seen at the level of 1.3194 and 1.3210.
Weekly Pivot Points:
WR3 - 1.3487
WR2 - 1.3345
WR1 - 1.3272
Weekly Pivot - 1.3138
WS1 - 1.3067
WS2 - 1.2918
WS3 - 1.2816
Trading Outlook:
If the market will break below the level of 1.3169, the up trend on the weekly time frame is terminated and the bears enforce and confirm their control over the market in the long term. The Cable is below 100 and 200 WMA already, so the bearish domination is clear. The next long term target for bears is seen at the level of 1.2751 and 1.2663. Please remember: trend is your friend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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