Technical Market Outlook
The GBP/USD pair volatility increased on the H4 time frame after the breakout above the trend line resistance located at the level of 1.3230. Despite the attempt to rally, the market is slowly moving lower again, but so far is still trading above the trend line. The key intraday technical support is located at the level of 1.3194 and the technical resistance at the level of 1.3240. Any violation of the trend line again would result in a sell-off acceleration towards the level of 1.3194 and 1.3166. Only a sustained breakout above the 1.3370 - 1.3352, key short-term resistance zone, would have change the outlook to more bullish the nearest future.
Weekly Pivot Points:
WR3 - 1.3422
WR2 - 1.3360
WR1 - 1.3322
Weekly Pivot - 1.3246
WS1 - 1.3204
WS2 - 1.3123
WS3 - 1.3081
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).