Technical Market Outlook:
The GBP/USD pair volatility is clearly subdued, but the bearish pressure intensify. The momentum is negative already, but the market conditions are not overbought too much yet. The market participants keep waiting for the breakout in either direction, but due to the fact the market keeps making a marginal lower lows, the odds for the downside breakout are high (below the green band on the chart). The next target for bears is seen at the level of 1.4000. Local technical supports are 1.4099, 1.4089 and 1.4077.
Weekly Pivot Points:
WR3 - 1.4391
WR2 - 1.4319
WR1 - 1.4228
Weekly Pivot - 1.4154
WS1 - 1.4068
WS2 - 1.3990
WS3 - 1.3900
Trading Recommendations:
The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent consolidation zone located around 1.4000. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).