FX.co ★ Technical Analysis of GBP/USD for July 1, 2021

Technical Market Outlook:

The GBP/USD pair is approaching the key short-term technical support located at the level of 1.3785. Please notice, the momentum is negative already, the price stays under the short-term trend line resistance and the market conditions are now coming off the oversold levels. The nearest technical support is seen at 1.3800, the nearest technical resistance is located at 1.3965 and 1.3982. In a case of a breakout lower, the next target is seen at the level of 1.3745.

Weekly Pivot Points:

WR3 - 1.4200

WR2 - 1.4101

WR1 - 1.3989

Weekly Pivot - 1.3882

WS1 - 1.3772

WS2 - 1.3669

WS3 - 1.3557

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).