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22.12.202009:07 Forex Analysis & Reviews: Technical Analysis of GBP/USD for December 22, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The GBP/USD pair has closed the Monday open gap located at the level of 1.3476. Moreover, the market retraced more than 61% of the last wave down, but reversed anyway as the bearish pressure is clear. The next technical support is located at the level of 1.3264 and 1.3240. Please notice, that if the level of 1.3240 is violated, the price will be close to the main trend line support located around the level of 1.3175. The key technical support is still seen between the levels of 1.3165 - 1.3121.

Weekly Pivot Points:

WR3 - 1.3982

WR2 - 1.3787

WR1 - 1.3662

Weekly Pivot - 1.3457

WS1 - 1.3286

WS2 - 1.3107

WS3 - 1.2936

Trading Recommendations:

The GBP/USD pair might have started a long term up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.

Exchange Rates 22.12.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
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