Weekly reviews

Weekly GBPUSD market technical outlook

GBPUSD

Weekly chart:

Bears couldn’t pierce support 1.2893 at the middle Bollinger band last week, that drove to quite intensive retracement in direction of the upper band (1.3231).

But according to the properties of sideways trends, sellers will have a chance of catching the initiative at any moment, since lower border of the range still wasn’t tested. Thus a continuation of growth towards 1.3231 is possible as well as downward reversal.


Expectations:

Main scenario: Growth towards 1.3231.

Alternative scenario: Downward reversal and new attempt to break the support 1.2893.

Trading recommendations:

Search for the local signals, that will confirm one of scenarios.