Technical Analysis of GBP/USD for September 13, 2021

Technical Market Outlook

The GBP/USD pair has failed to break through the supply zone that was the key zone for bears. There might be a Double High price pattern made at the H4 time frame chart. The zone is still located between the levels of 1.3874 - 1.3886. The momentum is negative and the market conditions are overbought, so the bulls might not have a chance to move higher. The next target for bears is seen at the level of 1.3807 and 1.3785.

Weekly Pivot Points:

WR3 - 1.4068

WR2 - 1.3979

WR1 - 1.3915

Weekly Pivot - 1.3815

WS1 - 1.3755

WS2 - 1.3649

WS3 - 1.3586

Trading Outlook:

The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).

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The material has been provided by InstaForex Company - www.instaforex.com

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