Technical analytics

GBPUSD market technical outlook

GBPUSD

 Daily chart:

Market is exactly one step away from the likely break of support 1.2787, which continues to guard upward mid-term structure.

As we see there are no visible signs of decline faltering so far, therefore break of this support might take place even today.

In this case we can open new mid-term short-positions with count on movement in direction of strong PPZ 1.2592.

H1-chart:

Local downward structure undergoes the stage of probable corrective upswing building. Optimal area of its completion is the last broken low (1.2836), from where we can consider short-trades reckoning on move under the last low (1.2793).

Conclusions:

So, we expect pullback to the 1.2836 region and then decline to 1.2787-1.2793 with high probability of downward break.

Trading recommendations:

Shorts from 1.2836 to 1.2787 and lower.

 

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