Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

A solid sell signal potentially might be formed from the round psychological level 1.3000 - bearish inside bar at the tip of upswing. Given the very big amplitude of growth such scenario is very likely.

Minimal target of decline appears PPZ 1.2810.

H1-chart:

Local structure already has a completed corrective downswing, which right is testing the pivot-zone 1.2950-1.2954. It’s likely that during the forming of daily bearish inside bar the price will slide to support 1.2910 and from this level it will leave for retest of 1.2950-1.2954 again. 

Conclusions:

Decline to 1.2910, then pullback to 1.2950-1.2954 and forming of bearish inside bar by the end of the day.

Trading recommendations:

  1. In short term - trades to both sides in the 1.2910-1.2954 range.

  2. In medium term - shorts from 1.2950-1.2954.