GBP/USD: Short term looking correction downside towards support 1.3165$

GBP/USD advances toward 1.34 amid Brexit hopes.

M.Ali Zah All My Pips

Technical Market Outlook: GBPUSD

The GPB/USD pair keeps trading inside of the ascending channel after the rally has been capped at the level of 1.3395. The Bearish Engulfing candlestick pattern occurred on H4 time frame is still a valid trigger for a pull-back, so the market might test the zone between the levels of 1.3264 - 1.3295 again. The next target for bulls is still seen at the level of 1.3447(swing high) and then at 1.3512. The nearest technical support is located at 1.3306, 1.3295 and 1.3264. The strong and positive momentum supports the short-term bullish outlook.

Weekly Pivot Points:

WR3 - 1.3491
WR2 - 1.3400
WR1 - 1.3359
WS1 - 1.3209
WS2 - 1.3108
WS3 - 1.3061

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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