Technical Analysis of GBP/USD for August 6, 2021

Technical Market Outlook:

The GBP/USD pair has been seen consolidating inside a narrow range all week long. The local low was made at the level of 1.3874 and since then the bulls are trying to resume the rally towards the next target seen at 1.4000. Only a sustained violation of the technical support seen at the level of 1.3822 would change the short-term outlook to bearish with a target of 1.3832 and 1.3907 min. The neutral momentum indicator (RSI) is hovering along its fifty level, thus support the horizontal trend scenario on Cable.

Weekly Pivot Points:

WR3 - 1.4257

WR2 - 1.4114

WR1 - 1.4010

Weekly Pivot - 1.3869

WS1 - 1.3765

WS2 - 1.3628

WS3 - 1.3513

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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