Technical Market Outlook:
The GBP/USD pair has hit the next target for bears located at the level of 1.3785, which is a lower channel line as well. The momentum is negative, so the bears might try to push the price way below the recent lows towards the next technical support located at 1.3745. Please notice, that the level of 1.3776 is the 50% Fibonacci retracement of the whole wave up. Only a sustained breakout above the upper channel line seen around 1.3910 would change the outlook to more bullish.
Weekly Pivot Points:
WR3 - 1.4019
WR2 - 1.3948
WR1 - 1.3914
Weekly Pivot - 1.3849
WS1 - 1.3813
WS2 - 1.3745
WS3 - 1.3709
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).
