Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

The major remains in a flat mode being traded inside the sticky zone 1.2650-1.2709, that is formed by the middle Bollinger bands from three time-frames (marked with yellow area on the chart).

ADX indicator actively corrects to the downside, that can be interpreted as preparation for probable impulse movement. But it seems, that such movement will take place another day.

H4-chart:

Local downward dynamics is limited by the support 1.2657 (lower Bollinger band). From the upside the market is capped by resistances 1.2700 and 1.2711, that can be regarded as a single zone.

H1-chart:

Intraday tone of the market is consolidation within Bollinger bands (1.2665-1.2700). Given the decline of ADX readings it’s quite unlikely, that trading range could be wider today.

 

Expectations:

Flat in the 1.2665-1.2700 range.

Trading recommendations:

Short-term trades within the 1.2665-1.2700 channel.

 

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