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Home Technical Analysis

Pound Technical Outlook – GBP/USD, Week Ahead Could be a Defining One

Forex Tips by Forex Tips
December 5, 2020
in Technical Analysis
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Intersection of Support & Resistance of Varying Durations
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Pound Technical Outlook – GBP/USD, Week Ahead Could be a Defining One

GBP/USD Technical Outlook: Bullish

  • GBP/USD working on breakout of long-term resistance
  • Momentum could build should a breakout hold
  • A rejection lower may not be outright bearish but warrant neutral stance

GBP/USD is working on breaking out above a major long-term threshold. The 13500-area has been a level in play since it acted as support in 2009 (exact level was 13501). In December 2019 and August of this year it became a substantial level of resistance.

In near confluence with this level is a trend-line running down from the 2007 top. That line has been breached and not of much concern anymore. But for cable to really get going it will need to get a little separation from 13500.

If it can continue to build on recent momentum in the week ahead, with some time we could see a run up into the low 14000s, the 2018 highs. If, however, we see a turn back down from resistance, then it may not be an outright bearish sign, but will warrant caution from the long-side.

All-in-all, this coming week could be an important one from a technical perspective, and of course from a fundamental perspective too with Brexit.

GBP Forecast

GBP Forecast

Recommended by Paul Robinson

Check out the Q4 GBP Forecast

GBP/USD Daily Chart (working on breakout)

GBP/USD daily chart

GBP/USD Weekly Chart (open space if it can get into gear)

GBP/USD weekly chart

GBP/USD Charts by TradingView

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Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX





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