05.12.202219:15 Forex Analysis & Reviews: December 5, 2022 : GBP/USD Intraday technical analysis and significant key-levels.

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.

Previously, the GBP/USD pair remained under bearish pressure to challenge the new daily low established around 1.2150 which was bypassed few days after.

However, considerable support zone existed around 1.1850-1.1900 which has prevented further bearish decline for sometime.

However, as bullish momentum started to fade away, more bearish visits were expected to challenge new historical low level around 1.0600 where significant Fibonacci Expansion level was located.

Based on the upcoming price action and the next weekly candlestick closure, the next target level for the GBP/USD pair can be determined.

Further bullish continuation above 1.1765 was expected in previous articles specially after the newly-established ascending bottoms around 1.1150 and 1.1750 remained defended by the bulls.

The next key-level to be visited was located around 1.2340. That's why, further bullish advancement was expected if sufficient bullish momentum is maintained.

Price action around 1.2340 should be watched for bearish rejection and a short-term SELL Entry.

on the other hand, another bearish pullback towards the price levels of 1.1750 should be expected for another long-term BUY Entry with initial target around 1.235.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.