Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Bulls can try to break resistance at 1.2969-1.2983, which can be regarded a key zone: it’s break will show exit of consolidation to the upside, that might drive to further impulse growth (watch the blue arrow).

However downward bounce has equal chances as this zone looks very stiff (black trajectory).

H1-chart:

Local structure has clear upward tone and undergoes trending phase. Thus there is a direct threat of attack of psychological resistance level 1.3000. Further destiny of the sterling will be defined by market reaction on this zone: here we might get either intensive sell-offs or strong upward break due to triggering of bearish stops.

Conclusions:

Main scenario: Growth towards 1.3000 and then downward reversal.

Alternative scenario: Break above 1.3000 with settling at the 30th figure.

Trading recommendations:

  1. Longs towards 1.3000.

  2. Shorts from 1.3000 (in case of getting additional signals).

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