Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Upward correction has signs of damping, that signifies further development of overall downtrend. The utmost height of pullback seems to be the 1.2770 level (middle Bollinger band).

H4-chart:

Locally bulls have met a very strong resistance at the pivot-level 1.2720, that can force the major to correct towards the middle Bollinger band (1.2648). But given trending ADX there is a probability of attempt to break above 1.2720, that would trigger movement to the 1.2770 level (red arrow).

H1-chart:

We note two local support levels, that are capable to halt the development of downward correction. These are 1.2694 and 1.2669 (middle and lower Bollinger bands).

Expectations:

Main scenario: Decline towards 1.2694 and then growth towards 1.2770.

Alternative scenario: Deeper correction towards 1.2669 and then growth towards 1.2700.

Trading recommendations:

Seeking for local buy signals at the 1.2694 and 1.2669 levels

 

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