GBPUSD Daily Analysis – Thursday, December 7

GBPUSD stays above a bullish trend line on its 4-hour chart and remains in the uptrend from 1.3039. as long as the price is above the trend line, the pullback from 1.3549 could be treated as consolidation of the uptrend and another rise towards 1.3657 (Sep 20 high) could be expected after the consolidation. Near term resistance is at 1.3460, a break of this level could take price towards 1.3549. Above this level could signal resumption of the uptrend. On the downside, a clear break below the trend line support will suggest that the upside movement had completed at 1.3549 already, then the following downside movement could bring price back towards 1.3220, followed by 1.3027 (Oct 6 low).

(Click on image to enlarge)

GBPUSD 4-hour chart

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.