Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Forming of downswing is in progress. Given that structure in general doesn’t have a steady bearish trend so far, upward reversal might happen either at round psychological level 1.30 or at the area of last low (1.2960).

H1-chart:

Local downward structure undergoes trending phase, therefore an attack of support 1.3000 might take place shortly. We need to understand it’s very likely that sellers will start to lock in profits at this mark and buyers will enter the market at this level as well. Thus upward bounce is the most preferable scenario so far.

Conclusions:

Decline of the quotes to 1.3000 and then upward bounce in direction 1.3050-1.3060.

Trading recommendations:

  1. Shorts to 1.3000.

  2. Longs from 1.3000 to 1.3050-1.3060.

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