Technical Market Outlook

The GBP/USD pair bounce from the level of 1.3194 had been capped at the key short-term trend line resistance around the level of 1.3277 and the price is slowly moving lower towards the last weeks lows, but so far is still trading above the level of 1.3194. Any violation of this level would result in a sell-off acceleration towards the level of 1.3166 and 1.3121 again. Only a sustained breakout above the 1.3352 - 1.3370 key short-term resistance zone would have change the outlook to more bullish in the nearest future.

Weekly Pivot Points:

WR3 - 1.3481

WR2 - 1.3425

WR1 - 1.3309

Weekly Pivot - 1.3251

WS1 - 1.3131

WS2 - 1.3078

WS3 - 1.2955

Trading Outlook:

The down trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.3514 would improve the outlook to more bullish with a target at 1.4200. 200 WMA had been violated already, so the market is in the down trend with a long-term target located at 1.2668 ( September 2020 lows).