Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Further development of upswing is in big question. Yes, bulls has kept momentum as well as all local supports so far. But further advance without correction looks complicated. The most likely scenario is an attempt to renew highs and following close of the day by false break of bearish inside bar, which was formed by the end of yesterday’s session.

H1-chart:

We can observe forming of reversal pattern “double high” at the area of last structure’s high (1.2705, marked with yellow). Thus if 1.2705 isn’t broken, we’ll see drop of the quotes to the  last local low (1.2516). 

 

Conclusions:

Main scenario: Decline from 1.2705 to 1.2516.

Alternative scenario: Break above 1.2705 towards 1.2720-1.2740 and then reversal to the downside.

Trading recommendations:

Shorts from 1.2705 and 1.2720-1.2740. Target is 1.2516.

 

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