Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Another bearish inside bar was formed yesterday at the tip of upswing. It explicitly speaks to weakening of buyers and high probability of corrective downswing launch.

H1-chart:

Local structure doesn’t have clear trending direction. Thus we can expect start of new downswing from strong resistance zone 1.2504-1.2511 in direction 1.2431-1.2438. 

Conclusions:

Touch of 1.2504-1.2511 and decline towards 1.2431-1.2438.

Trading recommendations:

Shorts from 1.2504-1.2511 to 1.2431-1.2438.

 

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