After Breaking past the 1.3012 Level, GBPUSD Volatility Set to Continue

GBPUSD Price Analysis – December 8

The British Pound erupted during the previous trading week, and broke above the 1.30 level, with buyers controlling its momentum. This, of course, aided a little more certainty with the upcoming UK elections. GBPUSD hit 1.3099 level then rebounded to end the session drifting about 1.3135 level.

Key Levels
Resistance Levels: 1.3301, 1.3185, 1.3166
Support Levels: 1.3099, 1.3012, 1.2984

GBPUSD Long term Trend: Bullish

Last Tuesday, the pair broke a six-week trading range, finally rising above the level at 1.3000 area. In this case, the currency pair encountered little resistance at the level at 1.3166, if the specified barrier is established, a reversal to the south may likely occur shortly.

The rise from the 1.1958 level in the long-term is a consolidation from the bottom, although more rise may be recorded again towards the 1.3301 resistance level. For the time being, this may stay as the preferred state as long as the support level at 1.2582 remains intact. However, a break of the level at 1.2582 may shift the target back to the level at 1.1958 low.

GBPUSD Short term Trend: Bullish

GBPUSD advance from the level at 1.1958 continued last week by resuming the move from the resistance level at 1.3012 to 1.3166. Since a tentative barrier is formed, the initial bias is neutral this week for consolidation first.

The downside may be contained above the support on the level at 1.2824 to reactivate further advance of the pair. On the upside, above the level at 1.3166 may target resistance on the level at 1.3185 next.

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