Further Weakness Skews the GBPUSD to the Downside

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GBPUSD Price Analysis – December 22

This pair has already entered the sellers’ area and reached the horizontal area at 1.2978. The new week might push the correction in the cable to lead prices towards 1.3150 level. Consequently, there could be further depreciation in GBPUSD over the medium term.

Key Levels
Resistance Levels: 1.3700, 1.3600, 1.3514
Support Levels: 1.2824, 1.2501, 1.1958

GBPUSD Long term Trend: Bullish

Long term, the advance from the lower 1.1958 level is on its way to retest the level at 1.3514 the main resistance. The result from there will decide whether to knit from the level at 1.1958 (low).

However, a steady breach of the level at 1.3514 might indicate a long-term bullish reversal. Although, for the time being, the trend may remain bullish as long as the support level of 1.2824 remains intact.

GBPUSD Short term Trend: Bearish

Although the level at 1.3150 remains at the minor resistance level, the intraday bias in the GBPUSD remains in the downtrend. A drop from 1.3514 level corrects the overall advance from the level at 1.1958.

While there might be an additional drop in the rebound from the level at 1.1958 to 1.3514 at 1.2920. On the upside, above the level at 1.3173, minor resistance might change the tendency to the upside to retest the level at 1.3514.

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