Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Downswing is completed and the major is testing an important support at the round level 1.3000-1.3008. Upward reversal from this zone is highly likely (black arrow).

Though in case of a break and settling below this zone, we’ll get premises for tangible deepening of downward correction in direction 1.2841-1.2862 (red arrow).

H1-chart:

Local structure has good odds for closing of the hourly bar by a false downward break of the 1.3000 level. This would be a strong sign of downtrend completion and upward reversal in direction 1.3048-1.3057 and 1.3116-1.3120 (black trajectory).

Conclusions:

Main scenario: Growth from current levels in direction 1.3048-1.3057 and 1.3116-1.3120.

Alternative scenario: Break of support 1.3000 and decline to 1.2900.

Trading recommendations:

Longs to 1.3048-1.3057 and 1.3116-1.3120.

 

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