Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Sterling retains a tendency for decline in direction of the support level 1.2725 at the area of lower Bollinger band. There are no signs of sellers’ weakening so far, therefore a downward forecast for today is prevailing.


H4-chart:

A very active bearish ADX also speaks in favor of strong downward wave development. Local support comes in at the 1.2831 level, where we can a delay due to substantial oversold conditions.

H1-chart:

Intraday we can also note trending mode of ADX indicator in favor of sales. Thus short-trades can have the following targets: 1.2831 and 1.2725.


Expectations:

Decline in direction 1.2831 and 1.2725.

Trading recommendations:

Shorts towards 1.2831 and 1.2725.