Technical Market Overview:
The GBP/USD pair has broken above the orange trendline and went north to break through the 61% Fibonacci retracement at the level of 1.3029. The local high was made at the level of 1.3047 and so far there are no signs of any trend reversal. Nevertheless, the market conditions are now overbought so the price might go lower to test the support at the levels of 1.3017, 1.3000 and 1.2962.
Weekly Pivots:
WR3 - 1.3137
WR2 - 1.3074
WR1 - 1.2986
Weekly Pivot: 1.2980
WS1 - 1.2827
WS2 - 1.2766
WS3 - 1.2683
Trading recommendations:
All of the key technical resistance zones have been broken as the price made its move towards the 61% retracement. Nevertheless, this move up should be considered as a corrective pull-back in a downtrend, so the price is now at a good level to open the sell position in anticipation of the downtrend to resume.
