FX.co ★ Technical Analysis of GBP/USD for November 23, 2021

Technical Market Outlook

The GBP/USD pair has bounced towards the level of 1.3516, but the bounce was capped and a Shooting Star candlestick pattern was made. The bears had broken out of the narrow range seen between the levels of 1.3428 - 1.3471 and the price is approaching the last swing low located at the level of 1.3352. The key short-term technical resistance is located at the level of 1.3516, just below the 38% Fibonacci retracement of the last wave down located at 1.3536. The intraday technical resistance is seen at 1.3410 and 1.3428.

Weekly Pivot Points:

WR3 - 1.3619

WR2 - 1.3561

WR1 - 1.3497

Weekly Pivot - 1.3445

WS1 - 1.3383

WS2 - 1.3326

WS3 - 1.3259

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.