empty
 
 
27.12.2018 04:29 PM
Technical analysis for GBPUSD for December 27, 2018

This image is no longer relevant

Technical outlook:

An hourly chart has been depicted for GBP/USD for a short- and medium-term outlook. The single currency pair has been rallying from the 1.2480 levels, and it has formed a strong support at the 1.2530 levels as highlighted here. We have considered the rally between the levels of 1.2530 and 1.2740 in order to project a short-term trade setup and targets. As can be seen here, the Fibonacci 0.618 support is close to the 1.2610 levels, along with previous support zone just below the 1.2600 mark. It is quite possible that the prices may find support here and produce a bullish reversal going forward. If the above structure unfolds accordingly, bulls will likely take control and push the prices higher towards at least the 1.2850 levels. Ideally, the prices should remain above the 1.2530 and 1.2480 levels.

Trading plan:

Buy between the 1.2600/30 levels with a stop loss order below 1.2530, and the target of 1.2850.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback