Technical Market Outlook:
Since the GBP/USD pair has bounced from the technical support located at the level of 1.4089 is trading back in the middle of the consolidation zone located between the levels of 1.4077 - 1.4223. The volatility is clearly subdued. The momentum is neutral, but the market conditions are not overbought, so the bulls might move up to 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 keeps making a marginal lower lows, the odds for the downside breakout are high (below the green band on the chart). The next target for bears is seen at the level of 1.4000.
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).
