Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Bulls are persistently testing local resistance 1.2182-1.2200 at the area of middle Bollinger band. We have to understand, that in case of break of this level the major could continue recovery to the upper Bollinger band (1.2437). Therefore a struggle will take place!

H4-chart:

Local downward phase of the movement in direction of support 1.2079 (lower Bollinger band). We see a stable sideways trend and passive ADX, therefore we are likely to see a bounce off 1.2079 and new growth in direction 1.2182.

H1-chart:

On hourly chart we also can expect continuation of short trading in direction of the support zone 1.2079-1.2089, where we’ll most certainly witness lock-in short-term profits by sellers and new long-trades, that will trigger growth.

 

Expectations:

Decline to 1.2079-1.2089 and then upward bounce in direction 1.2182.

Trading recommendations:

  1. Shorts towards 1.2079-1.2089.

  2. Longs from 1.2079-1.2089 to 1.2182.

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