Technical analytics

GBPUSD market technical outlook


Daily chart:

After forming of “Double high” pattern (marked with black arrows) Friday was closed by inside bar. This could be a full-value short-signal towards 1.2788 but we have two obstacles. First one is that inside bar is bullish. Second one - on weekly chart we can also find a strong bullish inside bar.

Even correction towards 1.2788 wouldn’t cancel probable upward move executing weekly inside bar, which is a long-signal of course.

In a nutshell - buying pound with count on continuation of growth we have to be ready for prior decline in direction 1.2788.   


Local structure develops chaotically so far, therefore break of support zone 1.2923-1.2925 is unlikely as downswing is too big and it may lack energy for a break. Thus we can expect rebound to the upside in direction of PPZ 1.2953-1.2955 with following switch to flat between theses levels.


Touch of 1.2923-1.2925, then growth to 1.2953-1.2955 and after that flat will be continued in the 1.2923-1.2955 range.

Trading recommendations:

Trades to both sides in the 1.2923-1.2955 range.


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