Technical Market Outlook:
As anticipated, the bears on the GBP/USD pair had push the price way below the recent lows towards the next technical support located at 1.3745. Moreover, the price has hit the 61% Fibonacci retracement located at the level of 1.3727. it is now or never for bulls to strike back and lift the market back to the descending channel again. The key technical resistance is seen at the level of 1.3785. 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).
