02.12.2022 04:07 PM
Weekly review of GBP/USD for December 02, 2022

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Review :

Pound Sterling is currently trading at 1.1850. However, if the trend reverses from this point, then a possible future share price target could be 1.2026. If the price of Pound Sterling is trading above 1.2026 then possibility of upside targets getting achieved is higher around the level of 1.2100. The basic bullish trend is very strong on the GBP/USD pair, but the short term shows some signs of running out of steam. Nevertheless, a purchase could be considered as long as the price remains above 1.1761. Crossing the first resistance at 1.2026 would be a sign of a potential new surge in the price. Buyers would then use the next resistance located at 1.2100 as an objective. Crossing it would then enable buyers to target 1.2100.

Caution, a return to below 1.1761 would be a sign of a consolidation phase in the short-term basic trend. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend. In the very short term, the general bullish sentiment is not called into question, despite technical indicators being indecisive. All elements being clearly bullish market, it would be possible for traders to trade only long positions on the GBP/USD pair as long as the price remains well above the price of 1.1761. The GBP/USD pair will continue rising from the level of 1.1761 in the long term. It should be noted that the support is established at the level of 1.1761 which represents the last bearish wave. The price is likely to form a double bottom in the same time frame.

Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.1761. So, buy above the level of 1.1761 with the first target at 1.1875 in order to test the daily resistance 1. The buyers' bullish objective is set at the level of 1.2026 (last bullish wave). A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 1.2026. This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 1.2026 (double top), then the market will call for a strong bullish market towards the objective of 1.2026 this week. If there is any crossing, the next objective would be the resistance located at 1.2100. The level of 1.2100 is a good place to take profits.

Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). Since the trend is above the 61.8% Fibonacci level (1.1761), it means the market is still in a uptrend. From this point, the GBP/USD pair is continuing in a bullish trend from the new support of 1.1761. This is shown to us as the current price is in a bullish channel. According to the previous events, we expect that the GBP/USD pair will move between 1.1761 and 1.2100 in coming hours. However, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.1761, a further decline to 1.1596 can occur. It would indicate a bearish market.

The bullish trend is currently very strong for the GBP/USD pair. As long as the price remains above the support at 1.1972, you could try to take advantage of the bullish rally in short term. The first bullish objective is located at 1.2152 (this price is coincided with the ratio 100% of Fibonacci retracement levels). The bullish momentum would be revived by a break in this resistance. For three weeks GBP/USD increased within an up channel, for that the GBP/USD pair hits new highs 1.2000 and 1.2100. The GBP/USD price had a significant breakout above the price of 1.1972 and 1.2000. GBP/USD is part of a very strong bullish trend. Traders may consider trading only long positions as long as the price remains well above the levels of 1.1972 and 1.2000. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.

As the price is still above the moving average (100), immediate support is seen at 1.1972, which coincides with a golden ratio (78% of Fibonacci). Consequently, the first support is set at the level of 1.1972. Hence, the market is likely to show signs of a bullish trend around the spot of 1.1972 and 1.2000. The next resistance located at 1.2152 is the next bullish target to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 1.2152. Closing above the pivot point (1.1972) could assure that GBP/USD will move higher towards cooling new highs. The bulls must break through 1.2100 USD in order to resume the uptrend. Buyers would then use the next resistance located at 1.2152 as an objective (this price is coincided with the ratio 100% of Fibonacci retracement levels - the double top - te last bullish wave on the hourly chart). The GBP/USD price is bullish but climbing higher will be strict, our next target 1.2200.

Crossing it would then enable buyers to target 1.2200. Be careful, given the powerful bullish rally underway, excesses could lead to a short-term rebound. Also, it should be noted that Pound unites as the bears lose their momentum. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. The price has been consolidating between the 1.1978 and 1.2200 over the last few weeks, following a massive rising from the 1.2200 mark. So far, the price has been supported by the 1.1978 and 1.2200 range.

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