Technical Analysis of GBP/USD for October 11, 2021

Technical Market Outlook:

The GBP/USD pair has hit the 50% Fibonacci retracement located at the level of 1.3660, but so far the rally ended with a Pin Bar candlestick formation. The next target for bulls is 61% Fibonacci retracement located at 1.3720. The nearest technical support is seen at 1.3608, but if this level is violated, then the down trend can resume lower towards the last weeks low located at 1.3410 or below. The momentum remains positive and strong so the odds for a up move continuation are high.

Weekly Pivot Points:

WR3 - 1.3798

WR2 - 1.3729

WR1 - 1.3675

Weekly Pivot - 1.3598

WS1 - 1.3549

WS2 - 1.3477

WS3 - 1.3424

Trading Outlook:

The weekly and monthly time frame chart show a breakout below the key technical support located at 1.3516, so now the bears are in total control of the market. The next target for bears is seen at the level of 1.3174. The levels of 1.3408 and 1.3371 might give some support for bulls as they are 55 and 200 weekly moving average levels.

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

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