31.08.202309:19 Forex Analysis & Reviews: Technical Analysis of GBP/USD for August 31, 2023

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Technical Market Outlook:

The GBP/USD pair has broken out above the 100 MA on the H4 time frame chart located at 1.2691 and made a new local high at the level of 1.2745. The intraday technical support is seen at the level of 1.2653 and the intraday technical resistance is located at 1.2733. Despite the temporary overbought market conditions, the strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for EUR. Only a strong breakout back below the technical support seen at 1.2653 would change the short-term outlook to more bearish.

Weekly Pivot Points:

WR3 - 1.26622

WR2 - 1.26305

WR1 - 1.26199

Weekly Pivot - 1.25988

WS1 - 1.25882

WS2 - 1.25671

WS3 - 1.25354

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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