Technical Market Outlook
The GBP/USD pair has broken slightly below the 50% Fibonacci retracement located at the level of 1.3621 as the corrective cycle continues. The next technical support is seen at the level of 1.3567, which is just below the 61% Fibonacci retracement at the level of 1.3572. The nearest technical resistance is located at 1.3640 and 1.3673. The larger time frame trend remains up, but the corrective cycle might be more complex in price and time. Please notice the extremely oversold market conditions and weak momentum support the short-term bearish outlook.
Weekly Pivot Points:
WR3 - 1.3925
WR2 - 1.3868
WR1 - 1.3760
Weekly Pivot - 1.3717
WS1 - 1.3594
WS2 - 1.3546
WS3 - 1.3440
Trading Outlook:
The up trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.4000 would improve the outlook to more bullish with a target at 1.4200. 100 DMA is located at the level of 1.3792 and 200 DMA is seen at 1.3846.
