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10.08.2021 09:13 AMTechnical Market Outlook:
The GBP/USD pair has broken below the level of 1.3874, which is the lower boundary of a local demand zone located between the levels of 1.3874 - 1.3906. The next target for bears is seen at the level of 1.3822 and 1.3807, both of them are technical supports. Moreover, the level of 1.3824 is the 38% Fibonacci retracement seen at the daily time frame chart. The market is approaching the oversold conditions and the momentum is negative, so another drop towards the mentioned support levels might occur any time soon.
Weekly Pivot Points:
WR3 - 1.4009
WR2 - 1.3980
WR1 - 1.3916
Weekly Pivot - 1.3887
WS1 - 1.3821
WS2 - 1.3780
WS3 - 1.3720
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).
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