Technical Analysis of GBP/USD for May 11, 2021

Technical Market Outlook:

The GBP/USD pair had made a new local high after the successful breakout from the consolidation zone. The last high was made above 100% of Fibonacci projection located at the level of 1.4157.The local technical support is seen at the level of 1.4011 and 1.4000. The next target for bulls is located at the level of 1.4233. Please notice, the overbought market conditions are now showing some potential pullback towards the support might occur soon. The momentum remains strong and positive, which supports the short-term general bullish outlook for GBP.

Weekly Pivot Points:

WR3 - 1.4289

WR2 - 1.4152

WR1 - 1.4092

Weekly Pivot - 1.3948

WS1 - 1.3888

WS2 - 1.3734

WS3 - 1.3683

Trading Recommendations:

The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent consolidation zone located around 1.4000. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).


The material has been provided by InstaForex Company -