FX.co ★ Technical Analysis of GBP/USD for August 13, 2021

Technical Market Outlook:

The GBP/USD pair has broken out of the descending channel and made a new local low at the level of 1.3789 (at the time of writing the analysis). The next target for bears is seen at the level of 1.3785 and 1.3745. The momentum is negative, so the bears might try to push the price way below the recent lows. Only a sustained breakout above the upper channel line seen around 1.3910 would change the outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.4009

WR2 - 1.3980

WR1 - 1.3916

Weekly Pivot - 1.3887

WS1 - 1.3821

WS2 - 1.3780

WS3 - 1.3720

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).