Daily And Weekly Technical Analysis of GBPUSD Currency Pair. Providing you technical insights on the zones where price is expected to make big moves.
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GBPUSD Technical Analysis 4th-8th December 2017
There are are a few things to note on the weekly chart of GBPUSD that will really play a role in how price moves in the future:
- you can see that price has broken the falling trendline and has gone up past it already and now it seems to be going down and it may hit the broken trendline and bounce up from there and continue to move up.
- if price should move up, the next resistance level will be the one highlighted on the chart below. Expect profit taking and sellers to come into play here should price hit that resistance zone.
Now, let’s look at the daily chart of GBPUSD and see what is going on:
- on the daily chart, you can see price has been heading down for the bast 4 days at least but it may find support on the support zones highlighted and bounce back up.
- if that support zone fails, the next potential level where price can find support and bounce back up will be the rising trendline. Expect buyers to come in and drive prices up should price go down and hit the rising trendline.