FX.co ★ Technical Analysis of GBP/USD for November 18, 2021

Technical Market Outlook

The GBP/USD pair has bounced from a swing low at the level of 1.3352, broken out of the channel and is currently trading around the level of 1.3516, which is the technical resistance for bulls. The target for bulls is seen at the level of 1.3536, which is 38% Fibonacci retracement of the last wave down. 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.