For Traders

Analytical Reviews

Technical analysis

15.12.202018:01 Forex Analysis & Reviews: December 15, 2020 : 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.

The recent bullish breakout above 1.3000 has enabled further bullish advancement towards 1.3250-1.3270 where the upper limit of the new movement channel came to meet the GBP/USD pair.

Later on, further bullish advancement was expressed towards 1.3380-1.3400 where the pair looked overbought.

Signs of bearish Price action have been demonstrated around the price levels of (1.3380-1.3400) for the past few weeks.

Initial bearish target was reached around 1.3300. However, the pair has failed to pursue towards lower targets.

Instead, another bullish spike was expressed towards 1.3480-1.3500 where the upper limit of the depicted movement channel provided significant bearish pressure on the pair.

Recently, the GBPUSD pair looks overbought again around the price levels of 1.3400.

Hence, intermediate-term outlook remains bearish as long as the pair manages to persist below 1.3400 which constitutes a significant Key-Level to offer SELL Entries. Initial bearish target located around 1.3000.

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.