Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Bearish inside bar can be potentially formed at the tip of upswing (yellow mark). We can check that only by the daily bar close, but given quite a big scale of upswing such scenario appears quite realistic. Let’s note, that bearish inside bar is a pattern of downward reversal. Thus in case the day closes this way, we’ll get a solid sell signal for tomorrow.

 

H1-chart:

Local structure retains the tone of uptrend being in the stage of corrective downswing forming. Decline potential is limited by the pivot-level 1.2469, where we can expect a reversal to the upside.

Conclusions:

Decline towards 1.2469, then growth to 1.2500-1.2550 with forming of inside bar by the end of the day.

Trading recommendations:

  1. Shorts to 1.2469.

  2. Longs from 1.2469 to 1.2500-1.2550.

  3. New shorts from the 1.2550 level.

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