Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

The major couldn’t renew the low of current downswing even by one point yesterday, that looks a bit weird on the back of earlier broken bearish inside bar. It looks like we’ll get flat in the range formed by strong levels of support (1.3053) and resistance (1.3212).

H1-chart:

On local structure we can observe a development of uptrend in its initial stage. We see, that supports are rising with respect to each other in every next correction (watch the small red arrows). Besides, a bullish inside bar might be received by the end of current hour (marked with yellow).

All this speaks for the start of more upward movement with intention to break the 1.3177 high.

 

Conclusions:

So, we expect growth to 1.3200-1.3212 and then downward reversal.

Trading recommendations:

  1. Longs to 1.3200-1.3213.

  2. Shorts from 1.3200-1.3213.

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