FX.co ★ Technical Analysis of GBP/USD for July 24, 2023

Technical Market Outlook:

The GBP/USD pair has been seen moving away from the key long term technical resistance on the Weekly time frame chart located at 1.3163. The bears keep moving lower as they approaching the 61% Fibonacci retracement level located at 1.2802. The local low made afer the dissapoining PMI data were published was made at the levle of 1.2807, so the bears are only 5 pips away from the Fibonacci level. On the other hand, the market conditions on the H4 time frame chart are extremely oversold already so an intraday technical pull-back might occur with a potential target seen at the level of 1.2881.

Weekly Pivot Points:

WR3 - 1.29941

WR2 - 1.29173

WR1 - 1.28745

Weekly Pivot - 1.28405

WS1 - 1.27977

WS2 - 1.27637

WS3 - 1.26869

Trading Outlook:

The bulls keep continuing the up trend towards the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. Only a sustained breakout blow the technical support seen at the level of 1.1775 would change the outlook to bearish.