Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

So, after yesterday’s downward rebound from middle Bollinger band, we can make a prior statement, that bears have guarded resistance level 1.2200, that opens room for the start of new downward wave in direction 1.1911 (lower Bollinger band).

H4-chart:

Locally an active trading down retains as well. However market can face a strong support at 1.2051 (lower Bollinger band) - and it’s going to be very hard to overcome it.

H1-chart:

Intraday dynamics also unfolds to the downside. We expect consecutive testing of 1.2103 and then 1.2051.

Expectations:

Decline towards 1.2103 and 1.2051.

Trading recommendations:

Shorts towards 1.2103 and 1.2051.

 

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