Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Trading range of the British pound continues to contract staying within the scope of last upswing. Given that structure doesn’t have a completed downswing decline scenario will be the main. Last low of the market resides at 1.2821, therefore we don’t anticipate decline below this level.

H1-chart:

Local structure has an impressive cap in the shape of resistance zone 1.2941-1.2950, from where we can consider going short in direction of support zone 1.2893-1.2899.

As we see structure doesn’t have directed tone, therefore upward break is unlikely.

Conclusions:

Growth to the 1.2941-1.2950 region and then decline in direction 1.2893-1.2899.

Trading recommendations:

Shorts from 1.2941-1.2950 to 1.2893-1.2899.

 

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