24.08.202308:26 Forex Analysis & Reviews: Technical Analysis of GBP/USD for August 24, 2023

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Technical Market Outlook:

The GBP/USD pair has bounced from the technical support located at the level of 1.2620 for the third time, so this level had been established as very important support level. The recent momentum breakout into the positive territory on the H4 time frame chart supports the short-term bullish outlook for GBP, however, current momentum is neutral again. Only a strong reversal and a breakout above the local supply zone would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.2826 breakout (100 DMA level).

Weekly Pivot Points:

WR3 - 1.27925

WR2 - 1.27651

WR1 - 1.27528

Weekly Pivot - 1.27377

WS1 - 1.27254

WS2 - 1.27103

WS3 - 1.26829

Trading Outlook:

The bulls keep continuing the up trend towards the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. Only a sustained breakout blow the technical support seen at the level of 1.1775 would change the outlook to bearish.

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