Technical Analysis of GBP/USD for August 19, 2021

Technical Market Outlook:

The GBP/USD pair has broken below the 61% Fibonacci retracement located at the level of 1.3727 and made a new local low at the level of 1.3698. The next target for bears is a technical support located at 1.3668 and 1.3624. The key short-term technical support is the low from June 20th seen at the level of 1.3571. The key technical resistance is still seen at the level of 1.3785 and 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).

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The material has been provided by InstaForex Company - www.instaforex.com

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