FX.co ★ Technical Analysis of GBP/USD for November 17, 2021

Technical Market Outlook

The GBP/USD pair had made a new swing low at the level of 1.3352 as anticipated and then bounced towards the upper channel line. The bounce had ended with a Pin Bar candlestick pattern as the bulls are getting rejected from the higher prices. As long as the price is moving lower in the channel, the down trend is continued, so the next target for bears is seen at the level of 1.3306 and 1.3295. The key technical resistance is seen at the level of 1.3604 and as long as the price trade below this level, the outlook is bearish.

Weekly Pivot Points:

WR3 - 1.3776

WR2 - 1.3685

WR1 - 1.3527

Weekly Pivot - 1.3436

WS1 - 1.3276

WS2 - 1.3182

WS3 - 1.3013

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 is located at the level of 1.3387 and might provide some temporary support for bulls.