Technical analytics

GBPUSD market technical outlook


Daily chart:

Upswing wasn’t completed yesterday after all. Without such swing current decline of the quotes doesn't have big prospects and most likely we’ll see a new upward bounce off 1.2073-1.2165.

Thus local buy signals formed at this zone might be of interest.



Local upward structure potentially is in final stage of downward correction as now a strong pivot-zone 1.2165-1.2184 is being tested. Besides that, a bullish inside was formed by the end of last hour, being a strong buy signal. Thus we can get a start of new upswing from current levels in direction of the last high (1.2295, black arrow).

But we need to keep in mind a probable alternative like break of the 1.2165 level and extension of downward correction to 1.2073 (red trajectory). 



Main scenario: Growth from current levels in direction 1.2295-1.2300.

Alternative scenario: Break of support 1.2165 and decline to 1.2073.

Trading recommendations:

  1. Longs to 1.2295-1.2300.

  2. Shorts to 1.2073 (in case an alternative scenario is confirmed).

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