Technical Market Outlook:
The GBP/USD pair has bounced from the level of 1.2367, broke above the 50 and 100 MA level and broke the intraday technical resistance seen at the level of 1.2545. The bulls are temporary in control of the market and the next target for them is seen at 100% Fibonacci projection level seen at 1.2604. The ultimate target however is located at the swing high seen at 1.2680. Please notice, the current market conditions are extremely overbought and the pull-back is possible anytime.
Weekly Pivot Points:
WR3 - 1.25080
WR2 - 1.24565
WR1 - 1.24223
Weekly Pivot - 1.24050
WS1 - 1.23708
WS2 - 1.23535
WS3 - 1.23020
Trading Outlook:
A Bearish Engulfing candlestick pattern on the Weekly time frame chart 100 pips away from the 61% Fibonacci retracement located at the level of 1.2778 might indicate the corrective cycle to the upside had been terminated. Any sustained breakout below the technical support at 1.2444 will be the first indication of stronger bearish pressure.