FX.co ★ Technical Analysis of GBP/USD for June 22, 2021

Technical Market Outlook:

The GBP/USD pair has been tying to bounce after the down wave had been terminated, but the bounce itself was very shallow so far. The bulls had hit the level of 1.3936 and the price is starting to reverse again. The next target for bears is seen at the level of 1.3745. The nearest technical resistance is located at the level of 1.3965 and only a sustained breakout above this level would change to short term outlook for Cable.

Weekly Pivot Points:

WR3 - 1.4313

WR2 - 1.4216

WR1 - 1.3972

Weekly Pivot - 1.3876

WS1 - 1.3630

WS2 - 1.3538

WS3 - 1.3276

Trading Recommendations:

The weekly time frame chart still shows, that the up trend is intact.Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. When the corrective cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).