Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

False upward break of bearish inside bar suggests weakness of bears and necessity of downward correction. Moreover such false break is a standalone trading setup and allows to go short with stops above yesterday’s peak and targets at the area of PPZ 1.2969-1.3010.

H1-chart:

Local structure has completed building of upswing. At the same time market got tangible lower high suggesting probable inability of buyers to keep pressure. Thus there is a high probability of downswing start with a threat to break support 1.3100.

Conclusions:

Decline to 1.3100 with aim at 1.2969-1.3010.

Trading recommendations:

Shorts to 1.3100, 1.3010, 1.2969.

 

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