Technical Market Outlook:
The GBP/USD pair has broken through the short term trend line resistance seen at the level of 1.3820 and made a new local high at the level of 1.3844 (at the time of writing the article). The next target for bulls is seen at the level of 1.3865 (50% Fibonacci retracement of the last wave down) and 1.3897 (61% Fibonacci retracement of the last wave down). The overall trend is still down and only a sustained breakout above the supply zone located between the levels of 1.3965 - 1.4000 would change to outlook from bearish to bullish.
Weekly Pivot Points:
WR3 - 1.4135
WR2 - 1.4030
WR1 - 1.3924
Weekly Pivot - 1.3820
WS1 - 1.3722
WS2 - 1.3615
WS3 - 1.3519
Trading Recommendations:
The weekly time frame chart still shows, that the up trend is still intact, however, the bears are very close to start a genuine correction. A sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. When the corrective cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).
