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23.12.201918:24 Forex Analysis & Reviews: December 23, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

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.

Exchange Rates 23.12.2019 analysis

In the period between October 17 to December 4, the GBP/USD pair has been trapped between the price levels of 1.2780 and 1.3000 until December 4 when bullish breakout above 1.3000 was achieved.

Moreover, a newly-established short-term bullish channel was initiated on the chart.

The GBPUSD has recently exceeded the upper limit of the depicted bullish channel on its way towards 1.3500 where the pair looked quite overpriced.

This was followed by successive bearish-engulfing H4 candlesticks which brought the pair back towards 1.3170 quickly.

Further bearish decline was pursued towards 1.3000 which got broken to the downside as well.

Short-term outlook remains bearish as long as bearish persistence below 1.3000 is maintained on the H4 chart.

Further bearish decline is expected towards 1.2840 - 1.1800 provided that bearish persistence below the newly-established downtrend line is maintained.

On the other hand, Intraday bullish pullback may be anticipated to occur towards 1.3170-1.3190 where bearish rejection and another bearish swing can be initiated.

Mohamed Samy
Analytical expert of InstaForex
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