Technical Market Outlook:
The GBP/USD pair has moved back inside the main channel and the bulls are trying to break above the 61% Fibonacci retracement seen at the level of 1.3772. Please notice the overbought market conditions are not really helping the bulls. Any violation of the level of 1.3700 will open the road towards the next target for bears located at 1.3668. On the other hand, only a sustained breakout above the level of 1.3772 would have change the immediate outlook to more bullish.
Weekly Pivot Points:
WR3 - 1.4029
WR2 - 1.3959
WR1 - 1.3752
Weekly Pivot - 1.3680
WS1 - 1.3474
WS2 - 1.3399
WS3 - 1.3118
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).
