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FX.co ★ Technical analysis of GBP/USD for December 30, 2022

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Forex Analysis:::2022-12-30T18:30:21

Technical analysis of GBP/USD for December 30, 2022

Technical analysis of GBP/USD for December 30, 2022

Overview:

The GBP/USD pair has dropped sharply from the level of 1.2125 towards 1.2032. Now, the price is set at 1.2077 to act as a daily pivot point. It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2032 and 1.2163 in coming hours.

Furthermore, the price has been set below the strong resistance at the levels of 1.2163 and 1.2125, which coincides with the 100% and 78% Fibonacci retracement level respectively.

Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the GBP/USD pair is continuing in a bearish trend from the new resistance of 1.2163 or/and 1.2125.

Thereupon, the price spot of 1.2163 or/and 1.2125. remains a significant resistance zone. Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.2163 or/and 1.2125, sell below 1.2163 or/and 1.2125. with the first targets at 1.2032 and 1.1991 (the double bottom is seen at 0.9785). However, the stop loss should be located above the level of 1.2200.

Analyst InstaForex
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