Technical Market Outlook:
The GBP/USD pair has hit the technical support located at the level of 1.3822 and broke below it. The new local low was made at 1.3818. Please notice, the level of 1.3824 is the 38% Fibonacci retracement seen at the daily time frame chart, so if there is no reaction on this level, the price might fall towards the 50% retracement seen at 1.3776. The market is approaching the oversold conditions and the momentum is negative, so another drop towards the mentioned support levels might occur any time soon.
Weekly Pivot Points:
WR3 - 1.4009
WR2 - 1.3980
WR1 - 1.3916
Weekly Pivot - 1.3887
WS1 - 1.3821
WS2 - 1.3780
WS3 - 1.3720
Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).
