Technical analytics

GBPUSD market technical outlook

GBPUSD

So, we can confirm full domination of sellers and downtrend. Bears has pierced a very solid mid-term support zone 1.2165-1.2250 and then broke quite good bullish pin on Friday. There are all reasons to expect further decline of the quotes in direction of the psychologically important level 1.2000. But prior pullback to PPZ 1.2165-1.2250 would make much better picture.

H1-chart:

Local downtrend looks flawless. Therefore we can expect resumption of decline after ending of the current corrective upswing. Optimal zone for downward reversal now is 1.2165, where the last broken low resides.

Conclusions:

Ending of correction at 1.2165 and following downswing in direction 1.2073 and 1.2000.

Trading recommendations;

Shorts from 1.2165 to 1.2073 and 1.2000.

 

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