Technical Market Outlook:
After the rejection at the 50% Fibonacci retracement level located at 1.3834, the GBP/USD pair reversed and drop below the long-term trend line support again. The new local low was made at the level of 1.3705, but the bulls are trying to bounce back above the trend line again. If they fail to do so, the next target for bears is located at 1.3669 (recent swing low) and then at 1.3557 (weekly low from February 2021). Please notice the momentum is neutral and can turn again into negative territory any time now.
Weekly Pivot Points:
WR3 - 1.4089
WR2 - 1.3984
WR1 - 1.3884
Weekly Pivot - 1.3780
WS1 - 1.3675
WS2 - 1.3568
WS3 - 1.3466
Trading Recommendations:
The GBP/USD pair keeps developing the up trend and bulls are back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.
