Technical Market Outlook:

The GBP/USD pair has broken above the last swing high seen at the level of 1.2524 and made a new swing high seen at 1.2545 (at the time of writing the article). The intraday technical support is seen at the level of 1.2524 and the next target for bulls is located at 1.1649. The momentum on H4 time frame chart is still strong and positive, so the short-term outlook for GBP remains bullish unless the level of 1.2343 is clearly violated.

Weekly Pivot Points:

WR3 - 1.25962

WR2 - 1.24982

WR1 - 1.24564

Weekly Pivot - 1.24002

WS1 - 1.23584

WS2 - 1.23022

WS3 - 1.22042

Trading Outlook:

Pound continues the corrective cycle to the upside and on the Weekly time frame chart the price is about to hit the 61% Fibonacci retracement located at the level of 1.2778. When this level is hit, the high volatility is expected, so please stay focused as the bears will defend this level strongly.