GBPUSD December 4th 2018 technical analysis
GBPUSD started trading weekly with a chat yesterday, and reached $ 1.2824 at $ 1.28. This peak was slightly off the resistance line from the peak of 1.3174. BREXIT news, however, pushed the pound and eventually GBPUSD fell below $ 1.27.On the GBPUSD weekly chart, the market is within the weekly demand range of 1.2814 – 1.2589. However, this weekly demand area has failed to bring buyers into the market. Below the weekly demand zone, the recovery rate for 2017 is set at 1.2329.
On the GBPUSD daily chart, the pair may penetrate the depth of the weekly demand zone. Daily GBPUSD currencies fluctuate above the price floor on October 30th, at 1.2695. While the reaction to this price floor could boost GBPUSD, it is better to focus traders on key support at 1.2635 a day. This support conforms to the support line drawn from the bottom of 1.1904, and the pattern AB = CD is also completed at 1.2614.
Price action strategy
At the end of the day, it’s expected to break $ 1.27 and GBPUSD will get key support at 1.2635 daily. The collision below 1.27 in the form of resistance and the formation of a full 4-hole decline can be enough to enter the GBPUSD sell deal.