24.03.202110:04 Forex Analysis & Reviews: Technical Analysis of GBP/USD for March 24, 2021

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Technical Market Outlook:

The GBP/USD pair has broken out of the consolidation zone located between the levels of 1.4001 - 1.3820, broke below the technical support at 1.3757 and below the trend line support around the level of 1.3715 as well. At the time of writing the article, GBP/USD made a new local low at the level of 1.3673, but the momentum is weak and negative, so the next target for bears is seen at the level of 1.3624. If there is no bounce today, then the main target for this week is the long term technical support located at the level of 1.3518.

Weekly Pivot Points:

WR3 - 1.4132

WR2 - 1.4065

WR1 - 1.3940

Weekly Pivot - 1.3879

WS1 - 1.3752

WS2 - 1.3684

WS3 - 1.3557

Trading Recommendations:

The GBP/USD pair keeps developing the up trend despite the fact, that is back inside the main ascending channel. The recent top was made at the level of 1.4224 and this was the higher high in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.

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