FX.co ★ Technical Analysis of GBP/USD for April 29, 2022

Technical Market Outlook:

The GBP/USD pair had made a new swing low at the level of 1.2410, broke out of the acceleration channel and is currently trying to bounce higher. The market had found a temporary bottom at this level, so a pull-back might be still on table, because the level of 1.2494 is a 61% retracement level of the whole post-Covid rally on the weekly time frame chart. The nearest technical resistance is located at 1.2648 and 1.2686. Despite the oversold market conditions on the H4 and Daily time frame charts, the down trend continues and there is no indication of trend termination or reversal just yet.

Weekly Pivot Points:

WR3 - 1.3228

WR2 - 1.3155

WR1 - 1.2958

Weekly Pivot - 1.2893

WS1 - 1.2686

WS2 - 1.2617

WS3 - 1.2432

Trading Outlook:

The price broke below the level of 1.3000, so the bears enforced and confirmed their control over the market in the long term. The Cable is below 100 and 200 WMA already, so the bearish domination is clear. The next long term target for bears is seen at the level of 1.2663. Please remember: trend is your friend.