Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Downswing wasn’t completed yesterday. Instead of this bulls again touched resistance level 1.2980. Eventually the day was closed by new pin from this zone making us expect continuation of downswing in direction 1.2900.

H1-chart:

Local structure has distorted shape that is inherent to flat. Nevertheless bearish pin at the tip of last swing can be an argument to let sellers try to attack support 1.2982. 

Conclusions:

Decline towards 1.2982 with aim at 1.2900.

Trading recommendations:

Shorts towards 1.2982 and 1.2900 (in medium term).