FX.co ★ dusty24 | GBP/USD

Hello. GBP/USD. Pound/dollar slightly pulled back towards the north yesterday, but it's still too early to talk about a reversal here. At the same time, there is currently no reason to open short positions based on the technical analysis. On the hourly chart, indicators are still pointing towards further movement to the north, but the buy signal has not been activated yet, just like several previous signals that were formed and canceled without activation or execution. This behavior is typical for a sideways trend, similar to what we are seeing now. The pair bounced off its upper boundary, so I expect a move towards the lower boundary, around 1.3170-80 in the short term. Moreover, one of the basement indicators has shifted to the lower zone, also suggesting a local decline. However, the pair is currently testing the middle Bollinger Band from above, so it is advisable to wait for the test results, and then depending on the bounce or breakout, the further direction will be more accurately indicated. On the four-hour chart, indicators are still fully supporting further decline, the pair has corrected to the middle Bollinger Band and seems to be starting to bounce back. If the bounce is confirmed, we will see a decline in the medium term as well.