Technical Market Outlook
The 61% Fibonacci retracement of the whole wave down seen at the level of 1.3792 had capped the rally on GBP/USD recently, but after a short pull-back the bulls are trying to break through again. The market conditions are still overbought, but the momentum is strong and positive, so the outlook remains bullish. The next target for bulls is seen at the level of 1.3874 and 1.3885. The immediate technical support is seen at the level of 1.3807.
Weekly Pivot Points:
WR3 - 1.4004
WR2 - 1.3981
WR1 - 1.3840
Weekly Pivot - 1.3724
WS1 - 1.3662
WS2 - 1.3552
WS3 - 1.3495
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).
