Technical Market Outlook
The bounce on GBP/USD had ended with a Bearish Engulfing candlestick pattern around the level of 1.3340 on the H4 time frame chart and the market reversed sharply back towards the last weeks lows. The next target for bears is seen at the level of 1.3166 as the momentum is entering the negative territory again. 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.
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).