Technical Market Outlook
The GBP/USD pair has fell out from the ascending channel and retraced 50% of the last wave up. The correction has ended with a Pin Bar candlestick formation, so the bounce is possible now. The supply zone was the key zone for bears, so if the bulls will break higher, then the next target is seen at the level of 1.3965. Nevertheless, the momentum is weak and negative already and lower price levels might be tested soon: 1.3705 and 1.3668 are the next targets for bears. The 61% Fibonacci retracement is seen at the level of 1.3711.
Weekly Pivot Points:
WR3 - 1.4098
WR2 - 1.3994
WR1 - 1.3935
Weekly Pivot - 1.3824
WS1 - 1.3775
WS2 - 1.3669
WS3 - 1.3816
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).