Technical Market Outlook
The GBP/USD pair has been seen pushing higher towards the 61% Fibonacci retracement of the last wave down located at the level of 1.3380. Only a sustained breakout above the 1.3370- 1.3353, the key short-term supply zone, would have change the outlook to more bullish the nearest future. The next target for bulls is seen at the level of 1.3410 and then at 1.3428. The strong and positive momentum support the short-term bullish outlook for GBP.
Weekly Pivot Points:
WR3 - 1.3537
WR2 - 1.3444
WR1 - 1.3337
Weekly Pivot - 1.3253
WS1 - 1.3133
WS2 - 1.3048
WS3 - 1.2927
Trading Outlook:
The down trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.3514 would improve the outlook to more bullish with a target at 1.4200. 200 WMA had been violated already, so the market is in the down trend with a long-term target located at 1.2668 ( September 2020 lows).
