Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Despite quite active decline of the quotes today, growth of the pound is still likely. The thing is that structure most likely will need a full-scale corrective upswing for maintaining decline. And it’s not formed yet. The least condition for its building today is renewal of the yesterday’s high (1.2295).

Thus from pivot-zone 1.2165-1.2225 we can get a short-term momentum to 1.2300 (red trajectory).

H1-chart:

Local structure is forming corrective downswing, which is supposedly will be completed at support level 1.2165. Thus buy signals formed at this level will have high chances for execution.

Intraday resistance capable to slow growth is 1.2229-1.2238.

Conclusions:

Decline to 1.2165 and then upward reversal in direction 1.2229-1.2238 with aim at further growth in direction 1.2300.

Trading recommendations:

  1. Shorts to 1.2165.

  2. Longs from 1.2165 to 1.2229-1.2238 and 1.2300.

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