Technical Analysis of GBP/USD for December 14, 2020

Technical Market Outlook:

The GBP/USD pair has been seen trading below the level of 1.3476, which is the last local high before the sell-off to the level of 1.3134. The bulls are still trying to resume the up trend as the market opened with a gap up in the Monday morning. If the bulls will break through the trend line resistance seen around the level of 1.3420, then the next target is the local high at 1.3476. Please notice, the up trend at the daily time frame chart is still in progress.

Weekly Pivot Points:

WR3 - 1.3813

WR2 - 1.3637

WR1 - 1.3455

Weekly Pivot - 1.3298

WS1 - 1.3125

WS2 - 1.2955

WS3 - 1.2786

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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