07.12.202004:54 Forex Analysis & Reviews: Forecast for GBP/USD on December 7, 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.

GBP / USD

Brexit negotiations stopped again over the weekend. At this time, France opposed the fishing rules of England and the negotiations have been extended until Tuesday. In any case, some draft should already be ready for signature by the participants of the EU summit on the 10th to 11th. If this is not the case, the UK will leave the EU in a tough scenario.

Based on the daily scale chart, the price is fixed below the level of 1.3480 and a double divergence is formed on the Marlin oscillator. Breaking the price of the nearest support of 1.3390 will open the target of 1.3300. Furthermore, the price will try to reach the Kruzenshtern line near the price level of 1.3210 (the top of January 2020 and January 2019).

According to the four-hour scale, the price is struggling with the support of the Kruzenshtern indicator line. After fixing under it, the price should also overcome the strong price level of 1.3390, after which the way to the first target of 1.3300 is opened.

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.