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Technical Analysis of GBP/USD for May 19, 2021

Technical Market Outlook:

The GBP/USD pair has hit 127% Fibonacci extension level located at 1.4209 and made a new local high at the level of 1.4218. The short term technical support is seen at the level of 1.4164 and 1.4157 and the technical resistance is located at the level of 1.4222 (swing high). Strong and positive momentum supports the short- term bullish outlook for Pound with a target at the last swing high. There is no indication of a trend reversal yet, but the market conditions are getting more overbought, so the local pull-backs are possible soon.

Weekly Pivot Points:

WR3 - 1.4356

WR2 - 1.4259

WR1 - 1.4177

Weekly Pivot - 1.4087

WS1 - 1.4011

WS2 - 1.3910

WS3 - 1.3836

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).

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