Technical Analysis of GBP/USD for August 27, 2021

Technical Market Outlook:

The GBP/USD pair has failed to break above the 61% Fibonacci retracement seen at the level of 1.3772 and after the Pin Bar candlestick was made the bulls were rejected. The market is currently coming off the overbought conditions and this is not really helping the bulls. Any violation of the level of 1.3700 will open the road towards the next target for bears located at 1.3668. On the other hand, only a sustained breakout above the level of 1.3772 would have change the immediate outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.4029

WR2 - 1.3959

WR1 - 1.3752

Weekly Pivot - 1.3680

WS1 - 1.3474

WS2 - 1.3399

WS3 - 1.3118

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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