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Technical analysis of GBP/USD for December 24, 2021

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Overview :

The GBP/USD pair will continue to rise from the level of 1.3335. The support is found at the level of 1.3335, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 1.3335, while immediate resistance is seen at 1.3473. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.3400. So, buy above the level of 1.3400 with the first target at 1.3435 in order to test the daily resistance 1 and move further to 1.3473. Also, the level of 1.3516 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.3400 to 1.3516 today. At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3400, a further decline to 1.3272 can occur, which would indicate a bearish market.

The material has been provided by InstaForex Company – www.instaforex.com

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