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GBP/USD Technical Analysis & Daily Chart

Published on: 09/03/2017

General Analysis
Over the past month the GBP/USD currency pair has been in a sideways movement in the frame of a long-term downward movement.
Right now there is a probability of the formation of a market turning point and the continuation of the downward movement. At the moment the price is trading in the range of 1.2130 - 1.2760

Of course, it would be safer for us to trade after a confirmation about the rebound from the significant level of support at 1.2130. But, unfortunately, not everything goes the way we want to. The beginning of the continuation of the downward movement most likely already began and we should have time to "jump into the moving train."

Current Situation on the Daily Chart
During the last two trading weeks the GBP/USD currency pair has been showing a high volatility and has decreased by 410 points. The price reached the local level of support at 1.2130 and right now is located close to it.

Predictions for the Next Few Days
Long positions on GBP/USD are not relevant at the moment and it is probably going to 1.2000. Considering the presence of a medium-term downtrend we recommend opening short positions after a penetration of the support level at a 1.2770 with target points on profit-taking at 1.2050 and 1.2000.

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