Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Forming of downswing is in progress. Most likely it will stall at stiff pivot-zone 1.2952-1.2974, where we can expect a bounce and start of new upswing with mid-term target at 1.3069.

H1-chart:

Local downward structure allows considering intraday short trades from 1.2997-1.3006. Thus we expect movement toward mid-term support 1.2942 from this zone with following upward reversal. 

Conclusions:

Decline from 1.2997-1.3006 to 1.2942 and then upward reversal.

Trading recommendations:

  1. Shorts from 1.2997-1.3006 to 1.2942.

  2. Longs from 1.2942.

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