Technical Market Outlook:
The GBP/USD pair price is now very close to the technical support located at the level of 1.4099 again and the momentum is negative already. 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 bears made a new marginal lower low aready at the level of 1.4070. The next target for bears is seen at the level of 1.4000. Local technical supports are 1.4099, 1.4089 and 1.4077.
Weekly Pivot Points:
WR3 - 1.4276
WR2 - 1.4231
WR1 - 1.4155
Weekly Pivot - 1.4114
WS1 - 1.4042
WS2 - 1.3996
WS3 - 1.3927
Trading Recommendations:
The daily time frame chart show the extremely overbought market conditions and neutral to negative momentum, so the distribution cycle might occur any time soon. When this cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).
