Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

The major has reached the first target pivot 1.2975-1.3008 having closed yesterday’s session below the round level 1.3000. Today’s trading so far goes inside yesterday’s range (“inside bar” formation) that could become a tangible sell signal should the day close this way.

But it’s too early to state that, therefore bulls keep a potential opportunity for extension of pressure in direction 1.3168 (black arrow).

 

H1-chart:

Local market keeps an ideal uptrend structure. Given the fully completed corrective downswing and also a bullish inside bar at its tip we can expect one more upward momentum with aim of breaking the recent high (1.3005).

 

Conclusions:

Growth in direction 1.3050 and 1.3100.

Trading recommendations:

Longs to 1.3050 and 1.3100.

 

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