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Technical Analysis of GBP/USD for May 20, 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 before the rally was capped. The price retraced 50% of the last wave up and hit the level of 1.4112 as the result of the overbought market conditions. Strong and positive momentum supports the short- term bullish outlook for Pound with a target at the last swing high at 1.4223. There is no indication of a trend reversal yet as the key short-term demand zone is located between the levels of 1.4000 - 1.3965.

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