05.07.202308:19 Forex Analysis & Reviews: Technical Analysis of GBP/USD for July 5, 2023

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Technical Market Outlook:

The GBP/USD pair has been rejected from the intraday technical resistance located at 1.2726 and in the short-term the bulls are under pressure. The pair has broken out from the narrow zone located between the levels of 1.2660 - 1.2726 and is currently approaching the 61% Fibonacci retracement level located at 1.2750. The immediate technical support is seen at the level of 1.2659 (100 MA), but the key technical support is seen at 1.2590. Please notice, the momentum is hovering around the level of fifty, so there is a confirmation of the bearish pressure on the lower time frame charts. Only a sustained breakout above the technical resistance would change the outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.27765

WR2 - 1.27279

WR1 - 1.27004

Weekly Pivot - 1.26793

WS1 - 1.26518

WS2 - 1.26307

WS3 - 1.25821

Trading Outlook:

The 61% Fibonacci retracement located at the level of 1.2778 has been hit, but it does not indicate the corrective cycle to the upside had been terminated. Any sustained breakout above this level and a weekly candle close above it is needed to change the long-term outlook to bullish. The key long term level of technical support is seen at 1.2444. The next long-term target for bulls is seen at the level of 1.3160.

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