Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

Another bullish close of the trading session at 1.2950. Buyers most likely will reach the psychological resistance 1.3000 today, where we can expect a start of downward correction. Surprises with breaking 1.30 also might take place. But anyway more reasonable appears a corrective scenario as profit-taking and triggering of sellers’ limit orders definitely will take place at 1.30. 

H1-chart:

Local upward structure is in corrective downward phase. Presumably we’ll see a start of one more strong upswing to 1.3000 from 1.2900-1.2910 (earlier broken PPZ).

Thus today longs from 1.2900-1.2910 to 1.3000 are actual.

Conclusions:

Testing of 1.2900-1.2910 and then growth to 1.3000.

Trading recommendations:

  1. Longs from 1.2900-1.2910 to 1.3000.

  2. Shorts from 1.3000.