GBPUSD Stays Under the Level at 1.3500 As Brexit, Vaccines, and Stimulus Weigh On

GBPUSD Stays Under the Level at 1.3500 As Brexit, Vaccines, and Stimulus Weigh On

GBPUSD Price Analysis – December 6

The GBPUSD is trading under the 1.3500 marks after the pair lost upside traction in the prior session. The pervading sentiment suggests there is still some downside move before the pair advances again. Vaccine talks are all the rage these days followed by a Brexit deal as the market finds its ground on anticipated US stimulus.

Key Levels
Resistance Levels: 1.3956, 1.3700,1.3514
Support Levels: 1.3260, 1.3082, 1.2881
GBPUSD Long term Trend: Bullish
Earlier in the prior session, the GBPUSD traded up at 1.3539 level which was the highest level in two years. The move below that level turned the buyers to sellers which were slowed by the 1.3400 support level. The RSI is heading south in the positive area, while the price remains in the bullish territory.

If the positive traction fails to hold and prices turn lower, the next horizontal level at 1.3313 level is the nearest support that could halt steeper declines. If breached, it could shift the focus to the downside and prices could slip towards the ascending trendline support around the 1.3082 level.
GBPUSD Short term Trend: Ranging
GBPUSD increased further to 1.3539 level and breach of 1.3514 resistance level indicate the start of the advance from 1.1409 level. The continuous increase is anticipated as long as the 1.3260 support level stays intact.

The following aim is the is 61.8% forecast of 1.1409 to 1.3514 level from 1.2675 at 1.3956 levels. On the downside, nevertheless, the breach of 1.3260 levels may imply a short term high is registered and alter bias to the downside for a reversal.

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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.