GBPUSD December 7th technical analysis
From the beginning of the week, GBPUSD traded at between 1.28 and 1.27. GBPUSD’s GBPUSD gains on Thursday showed a growth of 0.37% on the pair. This uptrend has been driven largely by the collapse of the dollar on the Forex market. Neutral Phase Negotiable Break at $ 1.28 could bring GBPUSD to $ 1.29 Rand. Below $ 1. 27, the downside of the market is to support key 1.2535 daily support.
In the long-term GBPUSD currencies, the pair remains in the region of the weekly demand of 1.2814-1.2589. However, the pair has not yet managed to make any significant upswing. However, on the GBPUSD daily chart, the market has strong support at 1.2635. Also, the AB = CD pattern is completed daily at 1. 2614.
Price action strategy
The closing of the four-hour chart at 1.28 above the backdrop to support this rate, as well as the uptrend of the four-hour candlestick, can be enough to enter the GBPUSD purchase deal to 1.29. As the GBPUSD currency pair is involved with the high end of the neutral phase at 1.28, most traders are hoping the pair will fall to $ 1.27 a barrel. For this reason, it is recommended that you wait for the GBPUSD to close before the opening of the GBPUSD trading deal below the November 1 2676 rebound.