FX.co ★ Technical Analysis of GBP/USD for August 11, 2023

Technical Market Outlook:

The bears are still in control of GBP/USD and the recent bounce from the consolidation zone towards the supply zone was capped and reversed. The bears managed to make another low at the level of 1.2665, so traders should pay attention to the intraday technical support seen at 1.2620 as it is up next for the test. 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. Only a strong reversal and a breakout above the local supply zone located between the levels of 1.2762 - 1.2797 would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.2803 breakout (100 MA).

Weekly Pivot Points:

WR3 - 1.28319

WR2 - 1.27837

WR1 - 1.27586

Weekly Pivot - 1.27355

WS1 - 1.27104

WS2 - 1.26873

WS3 - 1.26391

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.