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flag ★ Technical analysis of GBP/USD for December 27, 2021

Forex Analysis:::2021-12-27T14:35:50

Technical analysis of GBP/USD for December 27, 2021

Technical analysis of GBP/USD for December 27, 2021


On one-hour chart, the GBP/USD pair is continuing in a bullish market from the supports of 1.3377 and 1.3335. Also, it should be noted that the current price is in a bullish channel.

Equally important, the RSI is still signaling that the trend is upward as it is still strong above the moving average (100) since yesterday. Immediate support is seen at 1.3335 which coincides with a golden ratio (61.8% of Fibonacci).

Consequently, the first support sets at the level of 1.3335. So, the market is likely to show signs of a bullish trend around the spot of 1.3335/1.3377. In other words, buy orders are recommended above the golden ratio (1.3377) with the first target at the level of 13477.

Furthermore, if the trend is able to break through the first resistance of 13477. As a result, the pair will climb towards the scond resistance (1.3516) to test it.

On the other hand, stop loss should always be in account, so, it must set the stop loss below the second support of 1.3305.

Analyst InstaForex
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