Technical analytics

GBPUSD market technical outlook

GBPUSD
Daily chart:

A mighty downtrend continues. On Friday a break of lower Bollinger band was recorded, that on the back of a very active ADX state is an attribute of highly likely further decline of the quotes. The closest actual target of sellers is support at the round level 1.26.

H4-chart:

Local dynamic support at the area of lower Bollinger band (1.2691) can jam downward wave. But this zone is scarcely capable to stop overall decline. Driven by probable upward bounce traders can get more attractive sell points.

H1-chart:

The range of probable intraday trading can have the scale of Bollinger bands (1.2714-1.2758). Thus trading tactics might be short-trades from the 1.2758 level.

Expectations:

Main scenario: Trading in the 1.2714-1.2758 channel and then continuation of decline under 1.2700.

Alternative scenario: Direct decline under 1.2700 in direction 1.2600.

Trading recommendations:

Seeking for local sell signals at the 1.2758 area in direction 1.2700 and 1.2600.

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