Technical analysis of GBP/USD for December 21, 2017

The British pound against the Dollar is pulling back down towards 1.33 support after hitting resistance at 1.34-1.3450. Trend is mainly sideways while the longer-term picture remains unclear.

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Red lines - resistance

Green line- support

The GBP/USD pair is trading again below the Ichimoku cloud. Price made another lower high yesterday above 1.34 but is still below last high of 1.3464. Bulls need to break above cloud and trend line resistance at 1.3410 and 1.3460. Support at 1.33 is crucial.

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Black lines - long-term trend lines

Green line - support

The GBP/USD pair continues to respect both long-term trend lines. A break below 1.33 will push price towards 1.3150-1.32 where the upward sloping black trend line is found. A break above the downward sloping black trend line at 1.35 will push price towards 1.38-1.40.

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