Trading plan for GBPUSD for December 03, 2020

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Technical outlook:

GBPUSD had raised through 1.3442 levels yesterday before reversing sharply towards 1.3287 intraday. The currency pair is seen to be trading around 1.3388 levels at this point in writing and is expected to resume lower towards 1.3200 and further. Immediate resistance is at 1.3442, followed by 1.3482; while support was almost broken yesterday around 1.3285 (just shy by 02 pips). The recent down swing which is being worked upon is between 1.3442 and 1.3287 respectively. On the shorter time frame, GBPUSD has already retraced through fibonacci 0.618 levels of the above drop. Intraday resistance could be strong around 1.3380/90 levels and bears might remain poised to take back control from here. If yesterday's swing high at 1.3442 holds well, GBPUSD might reverse sharply lower from here and push towards 1.3200 at least before pulling back. Also note that probabilities remain for a significant bearish reversal towards 1.2675 levels in the next few weeks.

Trading plan:

Remain short, stop @ 1.3500, target @ 1.2675 at least.

Good luck!

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