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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.
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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