Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Bulls captured the driver’s seat! Yesterday they broke in brutal style not only pinbar, but also complex pivot-zone 1.2952-1.2974 and today they are ready to develop their success! The closest resistances capable to stop the growth might be 1.3117 and 1.3174.

H1-chart:

Until the bulls have passed the last peak of the structure (1.3069), the risk of a downward reversal via the “Double high” pattern may remain. Key zone for such movement is support 1.3035 - in case of its break downward correction may reach 1.2990 (watch the blue trajectory).

But we’ll anyway stick to scenario of growth extension because yesterday’s “bearish trap” was much more vivid. We expect break of 1.3069 and growth in direction 1.3117 and 1.3174!

 

Conclusions:

Main scenario: Growth in direction 1.3117 and 1.3174.

Alternative scenario: In case of inability to go above 1.3069 - downward correction in direction 1.2990.

Trading recommendations:

Longs to 1.3117 and 1.3174.

 

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