Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Bulls are heading aggressively to the last structure’s high now (1.2972). In case of its break downward tone of the market will be distorted and we’ll get serious premises for the start of execution of “Bullish flag” pattern (watch the black arrow).

While 1.2973 mark remains intact a probability of the new downswing launch in direction of the last low (1.2768) will be in place (watch the red arrow).

H1-chart:

Local upward structure has explicit bullish momentum, therefore continuation of the quotes’ growth is the main expectation for today.

Conclusions:

Main scenario: Growth towards 1.2972, break and testing of 1.3000.

Alternative scenario: Downward reversal from 1.2972 and decline towards 1.2900.

Trading recommendations:

  1. Longs towards 1.3000 and higher.

  2. Shorts from 1.2972 (in case of getting short-signals at this area). 

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