18.08.202109:23 Forex Analysis & Reviews: Technical Analysis of GBP/USD for August 18, 2021

Technical Market Outlook:

As anticipated, the bears on the GBP/USD pair had push the price way below the recent lows towards the next technical support located at 1.3745. Moreover, the price has hit the 61% Fibonacci retracement located at the level of 1.3727. it is now or never for bulls to strike back and lift the market back to the descending channel again. The key technical resistance is seen at the level of 1.3785. Only a sustained breakout above the upper channel line seen around 1.3910 would change the outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.4019

WR2 - 1.3948

WR1 - 1.3914

Weekly Pivot - 1.3849

WS1 - 1.3813

WS2 - 1.3745

WS3 - 1.3709

Trading Outlook:

The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).