Technical Analysis of GBP/USD for December 28, 2021

Technical Market Outlook The GBP/USD pair has been seen moving up towards the Novembers high located at the level of 1.3516. This is the swing high level and any violation of this level would be considered bullish in the near term. The immediate technical support is seen at the level of 1.3478 and 1.3410. The strong and positive momentum support the short-term bullish outlook for GBP, however, the market conditions are now extremely overbought on the H4 time frame chart, so a pull-back towards the level of 1.3371 is welcome. Weekly Pivot Points: WR3 - 1.3774 WR2 - 1.3612 WR1 - 1.3524 Weekly Pivot - 1.3343 WS1 - 1.3248 WS2 - 1.3073 WS3 - 1.2991 Trading Outlook: The down trend on a larger time frame charts is being continued, but only a sustained breakout above the level of 1.3514 would improve the outlook to more bullish with a target at 1.4200. 200 WMA had been violated already, so the market is in the down trend with a long-term target located at 1.2668 ( September 2020 lows). The material has been provided by InstaForex Company - www.instaforex.com
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