GBPUSD Stays Positive Despite Pullback to 1.3522 Level on Anticipated Brexit Deal

GBPUSD Stays Positive Despite Pullback to 1.3522 Level on Anticipated Brexit Deal

GBPUSD Price Analysis – December 20

GBPUSD maintained a positive tone last week, with sellers making a fresh attempt to continue selling beneath 1.3500 in the previous session. Meanwhile, the GBPUSD pair is up nearly 2.25% in the last week due to the pending Brexit trade.

Key Levels
Resistance Levels: 1.3750, 1.3700, 1.3624
Support Levels: 1.3482, 1.3400, 1.3313
GBPUSD Long term Trend: Ranging
GBPUSD is currently trying to find support on the 5 daily moving average around 1.3514 after a reversal from 1.3624 resistance. The rising moving average of 5 continues to support intact bullish price action. However, a convincing breach of the mentioned support can still accelerate the fall to the support zone of 1.3400.

In the long term, the focus remains on the growth side. A sustained breach beyond may validate a long-term bottom at 1.1409. An increase from there can be either a correction or the start of a long-term uptrend. In any event, the next aim is a 38.2% rebound from 2.1161 to 1.1409 at 1.5134.
GBPUSD Short term Trend: Ranging
The GBPUSD pair rose from the 1.2675 level last week and reached the 1.3624 level. But since a temporary high has formed there, the initial bias is neutral initially this week. On the other hand, a breakout of 1.3624 may aim for a 61.8% trend from 1.1409 to 1.3482 from 1.2675 to 1.3956 next.

In such a scenario, short-term sentiment may stay bullish as long as support level 1.3177 remains intact, in a steeper pullback scenario. Meanwhile, some subsequent sell-offs could leave the GBPUSD vulnerable to further slide beneath 1.3500 towards the 1.3400 congestion zone.

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Author : Azeez Mustapha

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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.