Technical Market Outlook

The GBP/USD pair has bounced from the level of 1.3608, which makes this level a Double Bottom. The bulls have managed to retrace almost 50% of the last wave down as the price has hit the technical resistance at 1.3749. The next target for bulls is seen at 1.3760 and 1.3796. The levels of 1.3692 and 1.3679 will now act as the technical support for the bulls, so any violation of this levels will likely result in down move continuation towards 1.13608 or below.

Weekly Pivot Points:

WR3 - 1.4015

WR2 - 1.3960

WR1 - 1.3826

Weekly Pivot - 1.3774

WS1 - 1.3640

WS2 - 1.3579

WS3 - 1.3456

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).