GBPUSD – Bulls may need another correction

12.07.2023

Daily: bulls are attacking the upper boundary of the Bollinger envelopes on the background of very strong ADX, which may indicate the preparation of a breakout and impulse.

H4: strong resistance will be met in the area of the upper Bollinger band (1.2908), from where quotes may temporarily pullback to the area of 1.2859.

H1: an internal bearish bar from the upper Bollinger Band is a signal of possible weakness in buyers intraday. Bearish divergence with RSI is also indicative of this.

Conclusions: growth to 1.2809, then pullback to 1.2859.

Recommendations: Sell from the zone of 1.2809 to 1.2859.