Technical Market Outlook:
The GBP/USD pair has broken above the 61% Fibonacci retracement level located at 1.4104 and made a new local high at the level of 1.4111. The short term technical support is seen at the level of 1.4076 and the technical resistance is located at the level of 1.4143 and 1.4164 (swing high). Strong and positive momentum supports the short- term bullish outlook for Pound with a target at the last swing high.
Weekly Pivot Points:
WR3 - 1.4356
WR2 - 1.4259
WR1 - 1.4177
Weekly Pivot - 1.4087
WS1 - 1.4011
WS2 - 1.3910
WS3 - 1.3836
Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent consolidation zone located around 1.4000. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).
