Technical Market Outlook:
The GBP/USD pair has been tying to bounce after the down wave had been terminated, but the bounce itself was very shallow so far. The bulls had hit the level of 1.3936 and the price is starting to reverse again. The next target for bears is seen at the level of 1.3745. The nearest technical resistance is located at the level of 1.3965 and only a sustained breakout above this level would change to short term outlook for Cable.
Weekly Pivot Points:
WR3 - 1.4313
WR2 - 1.4216
WR1 - 1.3972
Weekly Pivot - 1.3876
WS1 - 1.3630
WS2 - 1.3538
WS3 - 1.3276
Trading Recommendations:
The weekly time frame chart still shows, that the up trend is intact.Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. When the corrective 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).
