Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Close of yesterday’s bar was above support 1.2873 that can be regarded a false break. Thus there are big odds for start and development of corrective upswing in direction of the pivot-zone 1.2954-1.2970.

H1-chart:

Local downward structure undergoes trending stage. Thus bears have a chance to break another low at the area of last low (1.2849). But given the likelihood of daily upswing start this level might be the launchpad for upward reversal (through “double bottom” formation, for instance). 

 

Conclusions:

Main scenario: Decline to 1.2849 and then growth to 1.2970.

Alternative scenario: Break of support 1.2849 and decline to round level 1.2800.

Trading recommendations:

  1. Shorts to 1.2849 and 1.2800.

  2. Seeking probable buy signals at 1.2849.

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