Technical analytics

GBPUSD market technical outlook

GBPUSD

Daily chart:

It’s not the best bearish inside bar, which could be formed at the tip of upswing. But anyway it’s a bearish inside bar (marked with yellow on the chart) and we’ll probably have to take it into consideration. Upward correction can quite be exhausted, therefore even today we can see the signs of new trending downswing. Potential target of bears is 1.2000.

H1-chart:

Local structure also has tangible bearish momentum. Given the absence of corrective upswing, we can expect one more testing of 1.2359, which is supposedly the optimal level for short trades. The closest tough support levels are 1.2243 and 1.2200.

Conclusions:

So, we expect a pullback to 1.2359 and then start of decline to 1.2243, 1.2200 with aim at mid-term target 1.2000.

Trading recommendations:

Shorts from 1.2359 to 1.2243, 1.2200, 1.2000.

 

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