25.10.202109:46 Forex Analysis & Reviews: Technical Analysis of GBP/USD for October 25, 2021

Technical Market Outlook

The GBP/USD pair has bounced back towards the technical resistance located at 1.3790 and bulls are trying to break through towards the last swing high seen at 1.3822. The momentum remains positive, but is not that strong yet as the market conditions are coming off the overbought levels. The immediate technical support is seen at the level of 1.3726. The larger time frame trend remains up and the bulls have a chance to make a Bullish Engulfing candlestick pattern at the daily time frame chart.

Weekly Pivot Points:

WR3 - 1.3933

WR2 - 1.3884

WR1 - 1.3802

Weekly Pivot - 1.3757

WS1 - 1.3683

WS2 - 1.3629

WS3 - 1.3554

Trading Outlook:

The up trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.4000 would improve the outlook to more bullish with a target at 1.4200. 100 DMA is located at the level of 1.3792 and 200 DMA is seen at 1.3846.