Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Building of upswing is in progress. Now we can mention that if bulls successfully overcome the psychological round resistance level 1.3100, they’ll get space for advance toward resistance level 1.3212 (see the black arrow). If market falters at 1.3100, bears will get the odds to regain control. We don’t have to forget that bearish pattern Over&Under wasn’t enabled yet. 

 

H1-chart:

Local structure is trending up, but it lacks a corrective downswing as we see. Strong growth is complicated without it, therefore most likely we’ll face a correction from 1.3100 to pivot 1.3054 at least, from where growth might be resumed.

 

Conclusions:

Main scenario: Growth to 1.3100 and then downward correction to 1.3054.

Alternative scenario: Break above 1.3100 and further growth to 1.3212.

Trading recommendations:

  1. Longs to 1.3100.

  2. Shorts from 1.3100 to 1.3054.

  3. New long trades from 1.3054 (in case of getting a confirming signal at this area).