Technical Analysis of GBP/USD for December 11, 2020

Technical Market Outlook:

The GBP/USD pair has reversed lower after the bounce and is testing the key technical support seen at the level of 1.3264 again. The last technical support is located at 1.3240, so if the demand zone located between the levels of 1.3264 - 1.3240 is clearly violated, then the outlook will change to bearish. The momentum is weak and negative already and the bearish pressure is getting stronger. The higher time frame trend remains up.

Weekly Pivot Points:

WR3 - 1.3800

WR2 - 1.3667

WR1 - 1.3552

Weekly Pivot - 1.3410

WS1 - 1.3307

WS2 - 1.3172

WS3 - 1.3057

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.

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