GBP/USD analysis for December 21, 2017

analytics5a3bb04a36e31.png

Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3339. According to the 4H time – frame, I found a broken upward trendline and descending triangle in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.1305. Anyway, if the price breaks the level of 1.1300, it will confirm a potential larger downward movement (descending triangle confirrmation). In that case the downward target will be set at the price of 1.3070.

Resistance levels:

R1: 1.3405

R2: 1.3440

R3: 1.3455

Support levels:

S1: 1.3358

S2: 1.3340

S3: 1.3310

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com