Technical Analysis of GBP/USD for August 17, 2023
August 17, 2023 8:26 amVideo
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Technical Market Outlook:
The GBP/USD pair has been seen testing the local trend line resistance around the level of 1.2757, but the bulls did not manage to break out above it and the price reversed 40 pips lower. The next target for bears is seen at the level of 1.2590, which is the key short-term technical support level. The recent momentum breakout into the positive territory on the H4 time frame chart supports the short-term bullish outlook for GBP. Only a strong reversal and a breakout above the local supply zone located between the levels of 1.2762 – 1.2797 would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.2803 breakout (100 MA).
Weekly Pivot Points:
WR3 – 1.27746
WR2 – 1.27333
WR1 – 1.27183
Weekly Pivot – 1.2692
WS1 – 1.26770
WS2 – 1.26507
WS3 – 1.26094
Trading Outlook:
The bulls keep continuing the up trend towards the key technical resistance located at the level of 1.3163 and a breakout above this level is needed to extend the up trend towards the last Weekly swing high seen at 1.4248. Only a sustained breakout blow the technical support seen at the level of 1.1775 would change the outlook to bearish.
The material has been provided by InstaForex Company – www.instaforex.com
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