Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Upswing is fully completed, therefore given the absence of american money on the market (the US is celebrating President’s day) we can quite witness a consolidation in a triangle. We could regard such formation a bullish accumulation (a kind of “bullish flag” or “bullish pennant”) and afterwards the pound probably will continue to grow in direction 1.3117.

H1-chart:

Locally the pair is traded down, but there are quite tough support levels 1.3020 and 1.3000 ahead and today it will be a big question whether sellers are capable to pass them. The most likely scenario is flat.

Conclusions:

Decline in direction 1.3020 and probably 1.3000, after that the major will get back to initial levels at 1.3030-1.3034.

Trading recommendations:

Short-term trades in the 1.3000-1.3034 range.