FX.co ★ Technical Analysis of GBP/USD for April 28, 2023

Technical Market Outlook:

The GBP/USD pair has been developing the ABC corrective cycle pattern, but the wave B looks incomplete as it gets more complex and time-consuming. The intraday technical support is seen at the level of 1.2366 and the intraday technical resistance is seen at 1.2507. The momentum on H4 time frame chart is negative, so the down move in wave C is still on the table, but as long as the market trades inside the narrow zone and the wave B is getting more complex, no breakout is expected. When the overall corrective cycle is completed, the next target for bulls is seen at 61% Fibonacci retracement located at the level of 1.2778. The key short-term technical support is seen at 1.2343.

Weekly Pivot Points:

WR3 - 1.24950

WR2 - 1.24646

WR1 - 1.24472

Weekly Pivot - 1.24342

WS1 - 1.24168

WS2 - 1.24038

WS3 - 1.23734

Trading Outlook:

Pound continues the corrective cycle to the upside and on the Weekly time frame chart the price is about to hit the 61% Fibonacci retracement located at the level of 1.2778. When this level is hit, the high volatility is expected, so please stay focused as the bears will defend this level strongly.