Technical Market Outlook:
The GBP/USD pair had broken below the key short-term technical support located at the level of 1.3785 and made a new local low at 1.3743 (at the time of writing the article). Please notice, the momentum is negative, the price stays under the short-term trend line resistance and the market conditions are oversold. The nearest technical support is seen at 1.3705, the nearest technical resistance is located at 1.3785 and 1.3800. In a case of a breakout lower, the next target is seen at the level of 1.3705.
Weekly Pivot Points:
WR3 - 1.4200
WR2 - 1.4101
WR1 - 1.3989
Weekly Pivot - 1.3882
WS1 - 1.3772
WS2 - 1.3669
WS3 - 1.3557
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).
