GBPUSD Market Risk Sentiment to Strengthen the Sterling to Focus on the Next Barrier

GBPUSD Market Risk Sentiment to Strengthen the Sterling to Focus on the Next Barrier

GBPUSD Price Analysis – December 15

The GBPUSD pair reached 1.3514 level last Friday, a level that was last seen in May 2018, after the Conservative Party led by British Prime Minister Boris Johnson won the general elections in the United Kingdom. The pair fell all day on Friday, amid a higher dollar and profit-taking, ending the week with significant gains above the 1.3301 level.

Key Levels
Resistance Levels: 1.3700, 1.3600, 1.3514
Support Levels: 1.3050, 1.2824, 1.2195

GBPUSD Long term Trend: Bullish

In the long term direction, advance from the level at 1.1958, is viewed as a long term bottom on the right path to retest the level at 1.3700 in the near term resistance. The feedback from there may determine if it is combined from the level of 1.1958 (low).

On the other hand, a bullish breach of the level at 1.3700 might indicate a long term bullish reversal. However, for the time being, the outlook may remain bullish as long as the support level of 1.2824 remains constant.

GBPUSD Short term Trend: Ranging

GBPUSD accelerated to a high of 1.3514 level last week. Given that a temporary top with a subsequent pullback is forming, the initial bias is neutral this week for consolidation first.

However, the downside may be limited above the level at 1.3050 support to bring in another high. On the upside, above the level at 1.3514, the rise could extend from the level at 1.1958 to full expectations for the level at 1.2195 to 1.3012 from 1.2824 to 1.3700 upside threshold.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.