GBPUSD Weekly Technical Outlook
The GBPUSD market operation on the monthly time frame maintained a bullish mode in April. The market operation retested the 1.34257 area, an area that aligns with the 78.6 fib-retracement of the bearish swing traceable to May 2021.
Last week, the GBPUSD market operation on the weekly time frame went sideways at the 1.32640 area afterbay bearish pullback. There was a bullish drive to the 1.34257 area two weeks ago. This situation represents a decline in bullish momentum.
The GBPUSD price action on the daily time frame turned sideways on Friday after a bearish challenge of the bullish drive to the 1.34257 /1.34360 area. Presently, the price action is tackling the 1.32640 intra-day horizontal support. Nevertheless, we may still see a bullish pullback before a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap