Technical Analysis of GBP/USD for December 1, 2020

Technical Market Outlook:

The GBP/USD pair is approaching the level of 1.3395 again. The Pin Bar candlestick occurred on H4 time frame at the level of 1.3289 is still a valid indication of a bounce higher, so the market might break through the level of 1.3395 and continue higher. The next target for bulls is still seen at the level of 1.3447(swing high) and then at 1.3512. The nearest technical support is located at 1.3306, 1.3295 and 1.3264. The strong and positive momentum supports the short-term bullish outlook.

Weekly Pivot Points:

WR3 - 1.3523

WR2 - 1.3460

WR1 - 1.3387

Weekly Pivot - 1.3326

WS1 - 1.3255

WS2 - 1.3195

WS3 - 1.3124

Trading Recommendations:

The GBP/USD pair is in the down trend on the monthly time frame, but the recent bounce from the low at 1.1411 made in the middle of March 2020 looks very strong and might be a reversal swing. In order to confirm the trend change, the bulls have to break through the technical resistance seen at the level of 1.3518. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken.

analytics5fc5efb4d9c67.jpg

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