Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart: 

The structure didn’t get a direct buy signal so far, but yesterday’s close above the psychologically important level 1.30 suggests somebody big is guarding this level. Given that downswing is completed there are big odds for the start of new upswing.

The closest target of bulls will be 1.3070 high and the next one is resistance 1.3117.

H1-chart:

Local structure has signs of upward reversal in the shape of potential start of execution of bullish pattern O&U. Break of the closest high (1.3049) would be a confirmation.

 

Conclusions:

Growth to 1.3049 and 1.3070.

Trading recommendations:

Longs to 1.3049 and 1.3070.

 

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