FX.co ★ Technical Analysis of GBP/USD for August 4, 2023

Technical Market Outlook:

The bearish pressure continues on GBP/USD pair as the market keeps making lower lows and lower highs. The intraday technical support is seen at the level of 1.2620 and the intraday technical resistance is located at 1.2762. The market is getting away from the 50 and 100 MA, which confirms the bearish pressure despite the extremely oversold market conditions on the H4 time frame chart. The next target for bears is seen at the level of 1.2590, which is the key short-term technical support level. The weak and negative momentum on the H4 time frame chart supports the short-term bearish outlook for GBP.

Weekly Pivot Points:

WR3 - 1.28955

WR2 - 1.28754

WR1 - 1.28671

Weekly Pivot - 1.28553

WS1 - 1.28470

WS2 - 1.28352

WS3 - 1.28151

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.