empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

09.12.202216:00 Forex Analysis & Reviews: GBP/USD Technical Analysis and Trading Tips for December 9, 2022

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 09.12.2022 analysis

As of writing, GBPUSD is trading near the level of 1.2240, in the zone of the medium-term bull market, above support levels 1.2110 (200 EMA on the daily chart), 1.1930 (144 EMA on the daily chart), 1.1875 (200 EMA on the 4-hour chart).

Since the end of September, the GBP/USD has been developing an upward trend, taking advantage of both the weak dollar and the measures taken by the Bank of England to support the British government bond market.

Exchange Rates 09.12.2022 analysis

The breakout of the long-term resistance level 1.2250 (50 EMA on the weekly chart), local resistance level 1.2343 (highs since July and December), 1.2500 (upper boundary of the ascending channel on the daily chart) are on the way. The growth targets are the key resistance levels 1.2810 (144 EMA on the weekly chart), 1.2950 (200 EMA on the weekly chart), separating the long-term bull market from the bear market.

An alternative scenario will be associated with a breakdown of the 1.2110 support level and a further decline deep into the descending channel on the weekly chart.

Exchange Rates 09.12.2022 analysis

The breakout of support levels 1.1875, 1.1800 (50 EMA on the daily chart) will confirm this scenario.

In the meantime, above support levels 1.2161 (200 EMA on the 1-hour chart), 1.2100, long positions remain preferable.

Support levels: 1.2200, 1.2161, 1.2100, 1.2000, 1.1930, 1.1875, 1.1800

Resistance levels: 1.2250, 1.2300, 1.2343, 1.2400, 1.2500

Trading Tips

Sell Stop 1.2220. Stop-Loss 1.2310. Take-Profit 1.2200, 1.2161, 1.2100, 1.2000, 1.1930, 1.1875, 1.1800, 1.1575, 1.1500, 1.1400, 1.1300, 1.1200, 1.1160, 1.0940

Buy Stop 1.2310. Stop-Loss 1.2220. Take-Profit 1.2343, 1.2400, 1.2500

Jurij Tolin
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off