Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Bulls have to renew yesterday’s high (1.3082, marked with yellow on the chart) in order to form full-scale corrective upswing. But at the same time bears have to prevent a break of the closest high (1.3116) as otherwise overall downward tone of the trend will be lost switching the structure to flat.

Thus trading tactics for today might be short trades after movement above 1.3082 (watch the black trajectory).

 

Local structure retains upward tone so far. Given that new trending upswing wasn’t formed, here we also can expect buyers to take the driver’s seat with attempt to go above 1.3082.

Conclusions:

So, we expect touch of 1.3031 and then growth above 1.3082 with following downward reversal.

Trading recommendations:

  1. Longs from 1.3031 to 1.3085.

  2. Shorts from 1.3085-1.3100.

New articles