Technical Market Outlook:

The GBP/USD pair has bounced from 50% Fibonacci retracement located at the level of 1.3838, but the move up is shallow and the level of 1.3918 hasn't been tested yet. The oversold market conditions might help bulls to move higher, but the potential wave up might be capped at the level of 1.3965 - 1.4007 again. However, the bulls have managed to bring the price back to the main channel again, so the chances for wave up are better. The key technical support for bulls is located at the level of 1.3807.

Weekly Pivot Points:

WR3 - 1.4166

WR2 - 1.4086

WR1 - 1.3971

Weekly Pivot - 1.3890

WS1 - 1.3768

WS2 - 1.3692

WS3 - 1.3573

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and bulls are 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 1.4374.