Technical Analysis of GBP/USD for October 1, 2021

Technical Market Outlook

The GBP/USD pair has made a new lower swing low at the level of 1.3411, so the down trend is still active.This was the lowest monthly close since January 2021. The bulls has failed to rally above the level of 1.3519, so the next target for bears is still seen at 1.3306. The intraday support is seen at the level of 1.3428, so any violation of this level would deepen the down move towards the level of 1.3306. Please notice the level of 1.3409 is the technical support at the monthly time frame chart and 55 monthly moving average level as well.

Weekly Pivot Points:

WR3 - 1.3864

WR2 - 1.3810

WR1 - 1.3734

Weekly Pivot - 1.3672

WS1 - 1.3592

WS2 - 1.3527

WS3 - 1.3453

Trading Outlook:

The weekly and monthly time frame chart show a breakout below the key technical support located at 1.3518, so now the bears are in total control of the market. The next target for bears is seen at the level of 1.3174. The levels of 1.3408 and 1.3371 might give some support for bulls as they are 55 and 200 weekly moving average levels.

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX