Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

The major maintains negative forecast as trending downswing wasn’t completed. The price now is bracketed between levels of support/resistance 1.2873/1.2954. And it looks like market oscillations in this channel will continue.

H1-chart:

Local structure has downward tone already and undergoes trending phase now. Nevertheless it’s going to be tough for bears to pass support zone 1.2873-1.2886. Besides daily swing will be completed at this region and bulls will get the chance for upward reversal.

Conclusions:

Decline to 1.2873-1.2886 and then growth to 1.2912.

Trading recommendations:

  1. Shorts to 1.2873-1.2886.

  2. Longs from 1.2873-1.2886 to 1.2912.

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