Technical analysis for GBP/USD pair is showing that the price broke down on the daily chart but found support on the weekly chart bouncing from ascending trend line. The first target of this breakdown is at 0.618 FIB extension at 1.3715, and it was reached, the second target is at 100% FIB extension at 1.3535.
The focus for the week ahead is at, first 1.3815, break above it, it will send the price toward 1.3845 and then toward 1.3875. The second level to watch is 1.3880, break above that will be a signal for resumption of the bullish daily trend and send the price back to 1.4000. Break above 1.4017 will confirm the resumption of the bullish weekly and daily trend and send the price toward the previous high at 1.4245 and then toward the second target of the bullish weekly wave at 1.618 FIB extension at 1.4525.
On the other hand, if GBP/USD break below the previous week’s low at 1.3671, it will extend the weekly pullback and the daily breakout toward a 100% FIB extension at 1.3535.
Review our technical analysis for GBP/USD pair for 2021 targets.