Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

It’s going to be harder and harder for upswing to climb higher without a prior corrective swing. First part of this day goes inside yesterday’s trading range (“inside bar” formation). If day closes this way, we’ll get a tangible sell signal for tomorrow (watch the black trajectory).

H1-chart:

There is a solid support at 1.27.37-1.2747, which can quite trigger a development of new upswing (red arrow).

In case this zone is broken the quotes will drop to the 1.2655 mark (watch the red arrow).

Conclusions:

Main scenario: Upward bounce off 1.2737-1.2747 and further growth in direction 1.2900.

Alternative scenario: Break of support 1.2737 will drive to fall towards 1.2655.

Trading recommendations:

  1. Longs from 1.2737-1.2747 to 1.2900.

  2. Shorts with count on break of 1.2737 towards 1.2655.

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