For Traders

Analytical Reviews

Technical analysis

31.12.202106:05 Forex Analysis & Reviews: Forecast for GBP/USD on December 31, 2021

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 British pound has traveled more than a hundred points this week and reached the desired target of 1.3505 - the Fibonacci level of 110.0% on the daily scale chart. Consolidating above the level will open the second target 1.3570 - Fibonacci level 100.0%. The Marlin Oscillator has penetrated into the overbought zone, has fallen into the horizontal direction - a correction is likely from the level reached. The retracement limit is the 123.6% Fibonacci level (1.3410). Consolidating below it will reverse the movement into a medium-term decline with the target of 1.3160.

On the H4 chart, the price is struggling with the resistance of the Fibonacci line of 110.0%. Divergence with Marlin has a significant price counteraction in this. The correction limit here is also indicated by the level of 1.3410, which the MACD line is approaching. We are waiting for the interchange in the first days of January.

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.