Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

The major preserved tendency for quotes’ decline in direction of the dynamic support 1.2786 (lower Bollinger band), where we can get demand.

H4-chart:

Lower Bollinger band is broken once again and it’s a sign of main tendency continuation (to the downside). During such movement a prior pullback towards the middle band takes place, as a rule. And we can monitor it right now.

Thus optimal point for short-trades is 1.2920.

H1-chart:

We note local intraday resistance at the area of upper Bollinger band (1.2902). We can mark the 1.2902-1.2920 region as a strong resistance zone, where sellers regain control.

Expectations:

So, testing of the 1.2902-1.2920 zone is expected and then decline in direction 1.2786.

Trading recommendations:

Shorts from the 1.2902-1.2920 area towards 1.2786.