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Technical Analysis of GBP/USD for July 6, 2021

Technical Market Outlook:

The GBP/USD pair has hit the 61% Fibonacci retracement of the last wave down located at the level of 1.3897. The next target for bulls is seen at the level of 1.3936 and 1.3965. The momentum is strong and positive despite the market conditions entering the overbought levels. Despite the recent bounce, the overall trend is still down and only a sustained breakout above the supply zone located between the levels of 1.3965 - 1.4000 would change to outlook from bearish to bullish.

Weekly Pivot Points:

WR3 - 1.4135

WR2 - 1.4030

WR1 - 1.3924

Weekly Pivot - 1.3820

WS1 - 1.3722

WS2 - 1.3615

WS3 - 1.3519

Trading Recommendations:

The weekly time frame chart still shows, that the up trend is still intact, however, the bears are very close to start a genuine correction. A sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. When the corrective cycle is terminated, 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 -