Technical Market Outlook:
The GBP/USD pair had violated the demand zone located between the levels of 1.4077 - 1.4099 and made a new local low at the level of 1.4033. The next target for bears is seen at the level of 1.4000, but for now the price returned back above the supply zone again and is trying to test the technical resistance seen at 1.4127. The momentum is negative, so any failure to bounce higher towards the upper levels, will likely result in another spike down towards 1.4000.
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).
