FX.co ★ Technical Analysis of GBP/USD for November 24, 2021

Technical Market Outlook

The GBP/USD pair has made another lower low at the level of 1.3341 as the down trend continues. The next target for bears is seen at the level of 1.3306 and 1.3295. 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.