Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

A solid sell signal was formed by the end of yesterday’s trading session - bearish inside bar (marked by yellow tag on the chart). Given a very big scale of upswing we can expect downward correction by 50% of growth approximately. Strong pivot at this area is 1.2179-1.2210, which is a target of potential sell-offs.

H1-chart:

Following consecutive lower highs of the structure we can also draw a clear-cut conclusion over bearish accumulation of the market. Right now a corrective upswing is being formed, which will be completed presumably at the 1.2365 level.

Intraday target of decline will be at 1.2233 level.

Conclusions:

Upward pullback to the 1.2365 level and then decline in direction of support 1.2233.

Trading recommendations: 

Shorts from 1.2365 to 1.2233.

 

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