FX.co ★ Technical Analysis of GBP/USD for August 31, 2021

Technical Market Outlook

The GBP/USD pair has hit the upper channel line at the level of 1.3800, but the rally had ended with a Pin Bar candlestick pattern. The market conditions are still overbought, but the momentum is strong and positive, so the outlook remains bullish. The next target for bulls is seen at the level of 1.3807 and 1.3832. The immediate technical support is seen at the level of 1.3745.

Weekly Pivot Points:

WR3 - 1.4004

WR2 - 1.3981

WR1 - 1.3840

Weekly Pivot - 1.3724

WS1 - 1.3662

WS2 - 1.3552

WS3 - 1.3495

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).