Technical Market Outlook:
The GBP/USD pair has bounced from the technical support located at the level of 1.4089 and is currently trading back inside of the consolidation zone located between the levels of 1.4077 - 1.4223. The momentum is neutral and the market conditions are oversold, so the bulls might move the technical resistance located at 1.4223 again. The market participants keep waiting for the breakout in either direction, but due to the fact the market keep making a marginal lower lows, the odds for the downside breakout are high.
Weekly Pivot Points:
WR3 - 1.4391
WR2 - 1.4319
WR1 - 1.4228
Weekly Pivot - 1.4154
WS1 - 1.4068
WS2 - 1.3990
WS3 - 1.3900
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).
