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 1.3854 (at the time of writing the article). The momentum is weak and negative, so are the market conditions at the daily time frame chart, which means the bears are in full control of the price. The next target for bears is seen at the level of 1.3807 and the immediate technical resistance is located at 1.3900. The key short-term technical resistance is seen at the level of 1.3965.
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).
