Technical Market Overview:
The GBP/USD has made another higher high at the level of 1.3121 after the bulls have managed to break out from the parallel channel and the key technical resistance located between the levels of 1.3047 - 1.3068 has been violated ( now it will act as a support for the price). Despite the overbought market conditions the momentum is still high and positive, to another leg up might occur any time now. The next target is seen at the level of 1.3017 and the immediate support is located at the level of 1.3168.
Weekly Pivot Points:
WR3 - 1.3258
WR2 - 1.3289
WR1 - 1.3204
Weekly Pivot - 1.2969
WS1 - 1.2881
WS2 - 1.2656
WS3 - 1.2581
Trading Recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is up, so all downward market moves will be treated as local corrections in the uptrend. The key long-term technical support is seen at the level of 1.2231 - 1.2224 and the key long-term technical resistance is located at the level of 1.3512.
