Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Bullish inside bar was formed by the end of yesterday’s session. It could be a full-value buy signal if downswing was formed. However this swing isn’t completed so far. Bears need to break the last low 1.2823 by 1 pip at least to do that.

Thus in case of bullish scenario we’ll see decline of the quotes under 1.2823 and then steep upward ejection (watch the red trajectory).

H1-chart:

Local structure has initial signs of downtrend - two consecutive lower highs and also bulls didn’t hold local low. Thus we can expect continuation of downward tendency forming in the shape of new downswing from 1.2900 to 1.2863, where there is a pivot and movement might be stalled.

 

Conclusions:

Touch of 1.2900 and then decline towards 1.2863.

Trading recommendations:

Shorts from 1.2900 to 1.2863.

 

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