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29.05.202311:36 Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 29, 2023

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Technical Market Outlook:

The GBP/USD pair had made the last swing low at the level of 1.2308 as the market is still under the bearish pressure. The pull-backs are very shallow and the market is trading below 50 and 100 MA. The intraday technical resistance is located at 1.2372 and 1.2390. The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for GBP as the potential Falling Wedge price pattern in progress on H4 time frame chart. The next target for bears is seen at 1.2273.

Weekly Pivot Points:

WR3 - 1.23581

WR2 - 1.23505

WR1 - 1.23473

Weekly Pivot - 1.23429

WS1 - 1.23397

WS2 - 1.23353

WS3 - 1.23277

Trading Outlook:

A Bearish Engulfing candlestick pattern on the Weekly time frame chart 100 pips away from the 61% Fibonacci retracement located at the level of 1.2778 might indicate the corrective cycle to the upside had been terminated. Any sustained breakout below the technical support at 1.2444 will be the first indication of stronger bearish pressure.

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