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Forex Analysis & Reviews: Technical analysis of GBP/USD for December 09, 2022
time 09.12.2022 04:24 PM
time Relevance up to, 10.12.2022 04:24 PM

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Overview:

The GBP/USD pair has faced strong support at the level of 1.2173 because resistance became support. So, the strong resistance has been already faced at the level of 1.2173 and the pair is likely to try to approach it in order to test it again.

The level of 1.2121 represents a weekly pivot point for that it is acting as minor support this week. Furthermore, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.2173.

Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.2121 and 1.2341. Also, it should be noticed that the double top is set at 1.2341.

Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours.

Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.2260 with the first target at the level of 1.2341. If the trend is be able to break the double top at the level of 1.2341, then the market will continue rising towards the weekly resistance 1 at 1.2400.

On the other hand, if the GBP/USD pair fails to break through the resistance level of 1.2341 this week, the market will decline further to 1.2121. The pair is expected to drop lower towards at least 1.2100 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as minor support today at the price 1.2121.

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