Technical analytics

GBPUSD market technical outlook

Daily chart:

British pound, awaiting clarification on the destiny of union of Britain with Europe, continues to consolidate within lower Bollinger band contracting trading range tangibly (1.2967-1.3077).


Local trading keeps horizontal mode staying within the range of Bollinger bands (1.3041-1.3126).


Intraday downward phase of the movement is directed to the support level 1.3062 (lower Bollinger band), where we can expect upward bounce in direction 1.3088 and 1.3100, since ADX doesn’t have breaking potential so far.


Decline towards 1.3062 and then upward bounce to 1.3088 and 1.3100.

Trading recommendations:

  1. Shorts towards 1.3062.

  2. Longs from the 1.3062 level towards 1.3088 and 1.3100.

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