FX.co ★ Technical Analysis of GBP/USD for September 21, 2022

Technical Market Outlook:

The GBP/USD pair has been testing the last week's low located at the level of 1.1349 for quite some time now, so the volatility has decreased. Despite the recent bounce, the bears are still in charge of this market and the next target for bears is located at the level of 1.1351 again. The intraday technical resistance is located at the levels of 1.1452 and 1.1410. Please keep an eye on the long-term technical support level, because any violation of this level will have a very serious consequences, like an accelerated sell-off towards the next technical support, which is more then 300 pips away.

Weekly Pivot Points:

WR3 - 1.15678

WR2 - 1.14810

WR1 - 1.14335

Weekly Pivot - 1.13942

WS1 - 1.13467

WS2 - 1.13074

WS3 - 1.12206

Trading Outlook:

The bears tested the level of 1.1410 (2020 swing low) not so long ago and now the market is in the pull back mode.The bearish pressure is still strong and the technical support might be violated. On the other hand, in order to terminate the down trend, bulls need to break above the level of 1.2275 (swing high from August 10th).