12.12.202209:30 Forex Analysis & Reviews: Technical analysis of GBP/USD for December 12-17, 2022

Trend analysis

GBP/USD will continue moving up this week, most likely from the closing of the last weekly candle at 1.2260 to the historical resistance level at 1.2499 (blue dotted line). Upon reaching this, the pair will rise further to another historical resistance level, which is 1.2781 (blue dotted line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have a bullish trend, with a first lower shadow on the weekly black candle (Monday - down) and a second upper shadow (Friday - down).

So during the week, pound will rise from 1.2260 (the closing of the last weekly candle) to the historical resistance level at 1.2499 (blue dotted line), followed by another upward move to the next historical resistance level at 1.2781 (blue dotted line).

Alternatively, quotes could go up from 1.2288 (the closing of the last weekly candle) to the historical resistance level at 1.2499 (blue dotted line). The upward movement may continue after testing this level.