FX.co ★ Technical Analysis of GBP/USD for May 15, 2023

Technical Market Outlook:

The GBP/USD pair has made another new swing high at the level of 1.2443 in extremely oversold market conditions on the H4 time frame chart. Moreover, the local trend line support was violated as well, so the bulls might now try to bounce towards the intraday technical resistance located at 1.2495. The price is below 50 and 100 MA already and the bears are in control of the market. Next target for bears is seen at 1.2434 and 1.2386.

Weekly Pivot Points:

WR3 - 1.25324

WR2 - 1.24987

WR1 - 1.24851

Weekly Pivot - 1.24650

WS1 - 1.24514

WS2 - 1.24313

WS3 - 1.23976

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.