Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Buyers failed to crack down on the pivot-zone 1.2952-1.2973 and just stuck here yesterday allowing quite low closing price of the session. It’s not a direct sell signal, but it may quite signify a completion of another upswing.

Thus we can expect a start of new downswing in direction of support level 1.2905.

H1-chart:

Local structure has a slight break of the low. We could neglect it, if it was not for the fact of forming bearish pattern Over&Under by this break.

Potential level of sell-offs recommended by this setup is 1.2966 (the last but one peak). The quotes can quite drop to 1.2905-1.2907 in case active decline from this level is triggered.

Conclusions:

We expect an upward pullback to 1.2966 and following decline in direction 1.2905-1.2907.

Trading recommendations:

Shorts from 1.2966 to 1.2905-1.2907.

 

New articles