Technical Analysis of GBP/USD for December 15, 2020

Technical Market Outlook:

The bulls on GBP/USD pair are still trying to resume the up trend, but the recent attempt had been capped at the level of 1.3444 when a Shooting Star candlestick pattern was made at the H4 time frame chart. If the bulls will break through the trend line resistance seen around the level of 1.3440, then the next target is the local high at 1.3476. For now the local technical support is located at the level of 1.3306. 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.


The material has been provided by InstaForex Company -