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GBPUSD market technical outlook

GBPUSD

Daily chart:

Currency pair keeps tendency for consolidation around the area of middle Bollinger band (1.2985). Contraction of the bands is well seen (lower band goes up for 20 pips a session on average and stands at the 1.2775 handle already).

H4-chart:

Local horizontal narrowing range of trading 1.2911-1.2985 (Bollinger bands). ADX falls, that also indicates a flat market dynamics.


H1-chart:

We note local intraday resistance 1.2963 at the upper Bollinger band, which limits today’s trading range. Thus forecast for the day is flat, we expect continuation of trading inside the 1.2911-1.2963 channel.


Expectations:

Flat in the 1.2911-1.12963 range.

Trading recommendations:

Seeking for short-term trades to both sides inside the 1.2911-.12963 channel.