FX.co ★ Technical Analysis of GBP/USD for June 25, 2021

Technical Market Outlook:

The GBP/USD pair has hit the level of 1.4000 and the market reversed below the local trend line support. The local low was made at the level of 1.3889. The market might continue the down wave towards the lows from July 18th located at the level of 1.3785. Please notice, the momentum is now neutral - to - negative and the market conditions are now coming off the overbought levels. The nearest technical support is seen at 1.3859.

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).