Technical Market Outlook:
The GBP/USD pair has bounced from the oversold market conditions after the new local low was made at the level of 1.3802. The Bullish Engulfing candlestick pattern was made at the end of the down move, but toe bounce was capped at the level of 1.3885, which is the nearest supply zone for bears. The momentum is neutral-to-bearish, so the bears might try to push the price back towards the recent lows. Only a sustained breakout above the upper channel line seen around 1.3910 would change the outlook to more bullish.
Weekly Pivot Points:
WR3 - 1.4009
WR2 - 1.3980
WR1 - 1.3916
Weekly Pivot - 1.3887
WS1 - 1.3821
WS2 - 1.3780
WS3 - 1.3720
Trading Outlook:
The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).
from RobotFX
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