Technical Market Outlook:
The GBP/USD pair has broken out of the descending channel and made a new local low at the level of 1.3789 (at the time of writing the analysis). The next target for bears is seen at the level of 1.3785 and 1.3745. The momentum is negative, so the bears might try to push the price way below the recent lows. Only a sustained breakout above the upper channel line seen around 1.3910 would change the outlook to more bullish.
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).
