Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

ADX indicator is dropping actively, that indicates an absence of trending potential today. Thus market can stay within flat range 1.2700-1.2735 (merger of middle Bollinger bands from three time-frames, marked with yellow zone).

H4-chart:

Local support 1.2707 (middle Bollinger band). In case of its break the quotes will slide to the lower Bollinger band 1.2671.

H1-chart:

Within intraday time-frame the market clings above the 1.2695-1.2700 zone (lower Bollinger band), that probably will drive to flat in the range of lower Bollinger bands (1.2696-1.2725).

Expectations:

Main scenario: Flat in the 1.2696-1.2725 range.

Alternative scenario: Decline towards 1.2671.

Trading recommendations:

Shorts from 1.2725 towards 1.2696 and 1.2671.