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01.12.2022 11:27 AM
Technical analysis of GBP/USD for December 2022

trend analysis:

GBP/USD is likely to move up in December, starting from the closing of the November monthly candle at 1.2056 to the 50.0% retracement level at 1.2286 (red dotted line). Upon reaching it, the quote will continue rising to the 61.8% retracement level at 1.2747 (red dotted line), then roll back downwards.

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Fig. 1 (monthly chart)

comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have a bullish trend with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).

Throughout the month, pound will climb from 1.2056 (closing of the November monthly candle) to the 50.0% retracement level at 1.2286 (red dotted line), go further to the 61.8% retracement level at 1.2747 (red dotted line), then turn downwards.

Alternatively, it could rise from 1.2056 (closing of the November monthly candle) to the 50.0% retracement level at 1.2286 (red dotted line), then bounce down to the support level of 1.2071 (dark blue line). Upward movement may resume from this level.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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