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24.03.2023 10:01 AMTechnical Market Outlook:
The GBP/USD pair has made a new swing high at the level of 1.2342 and pulled-back towards the level of 1.2260. The momentum is strong and positive, so the outlook remains bullish as the market conditions are not extremely overbought on the H4 time frame chart yet. In a case of a further extension to the upside, the next target for bulls is seen at the level of 1.2396 and 1.2447 (swing high). So far there is no indication of a potential up trend termination or reversal, so the short-term outlook remains bullish.
Weekly Pivot Points:
WR3 - 1.22458
WR2 - 1.22140
WR1 - 1.21963
Weekly Pivot - 1.21822
WS1 - 1.21645
WS2 - 1.21504
WS3 - 1.21186
Trading Outlook:
So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern is still in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears resumed the down trend. The down trend was confirmed with the level of 1.2089 breakout (50 WMA), so now the potential target for bears is seen at the level of 1.1840 or below.
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