GBP/USD Price Prediction Today, December 12, 2022: GBP/USD May Continue Its Upside Pursuit

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


After GBP/USD price fell to a multi-month lowest, near the close of September, price action in this market has been gathering moderate gains in the medium term. However, recently, although with reduced volatility, price activities have been progressing upwards and towards the $1.2500 price mark.

Important price Levels:
Resistance Levels: $1.2300, $11.2350, $1.2400
Support Levels: $1.2231, $1.2200, $1.2165

 

British Pound Versus US Dollar Price Prediction Today, December 12, 2022: GBP/USD May Continue Its Upside Pursuit

GBP/USD Stays Strong Despite Minor Setback

Looking at the GBP/USD market on the daily chart, one will pick up signs of selling pressure. Consequently, this seems to offer some impedance to price movement in the upward direction. The last price candlestick here formed in favor of the bears. Also, the lines of the Stochastic RSI indicator are now bent toward each other in what seems like an attempt to perform a bearish crossover. However, it is critical to note two things in this market. The first is that there lies some space between the bent lines of the Stochastic RSI indicator. Furthermore, the bears will have to remain in control of price action for some more time for the RSI indicator to decisively predict a further decline in the pair price. Secondly, price action stays significantly above the MA line of the Bollinger indicator. Consequently, this implies that the current market trend may not be so easily reversed by the bears.

 

British Pound Versus US Dollar Price Prediction Today, December 12, 2022: GBP/USD May Continue Its Upside Pursuit

GBP/USD May Have Started a Recovery Move

On the 4-hour GBP/USD market it could be seen that a green price candlestick has formed just on top of the Moving Average curve of the applied Bollinger indicator. Meanwhile, the Stochastic RSI curves have taken a downward bearing. Consequently, this may only be assumed to be due to the two consecutive wins which were recorded for the bulls over the past 8-hours. Nevertheless, going by the formation of the latest green price on the MA. Traders can assume that buying activities have begun already. By implication, we may predict that the GBP/USD price may move upwards from here towards $1.2400, and $1.2500.

Do you want to take your trading to the next level? Join the best platform for that here

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.