Technical analysis of GBP/USD for 16/12/2019:

Source: Forex Analysis

echnical Market Overview:

The euphoria on the GBP/USD is being continued as the market keeps making the higher highs. The last high was made at the level of 1.3513 which is above 61% Fibonacci retracement of the weekly wave down (located at the level of 1.3247). Since then the bears have managed to retrace around 50% of the last spike up, but the bulls still have the control of the market. The next target for bulls is seen at the level of 1.3617 and 1.3667. The immediate support is seen at the level of 1.3226.

Weekly Pivot Points:

WR3 – 1.4019

WR2 – 1.3748

WR1 – 1.3564

Weekly Pivot – 1.3301

WS1 – 1.3081

WS2 – 1.2836

WS3 – 1.2626

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is up. All downward moves will be treated as local corrections in the uptrend. In order to reverse the trend from up to down, the key level for bulls is seen at 1.2756 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 – 1.2224 and the key long-term technical resistance is located at the level of 1.3509.

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The material has been provided by InstaForex Company – www.instaforex.com