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Forex Analysis & Reviews: 04.12.2020

Posted on 4th December 20205th December 2020 by admin123


Relevance up to 15:00 2020-12-05 UTC+3

GBP/USD HIGHLIGHTS:

  • GBP/USD trading towards the critical barrier at 1.350
  • A breakout could push it much higher
Exchange Rates 04.12.2020 analysis

In relative to confluence, price is currently trading in an ascending triangle on the Daily chart a sign of upcoming bearish reversal if a breakout below lower trend-line boundary. On a larger picture , lies the trend-line from the 2007 high. The key will be whether it can close above it to count as a break.If rejection occur and price fail to breach above 1.350 , we will be looking on a corrective move downside to 1.3400.

On the upside, to really get cable trading higher we need to see a closing weekly candle above 1.350. A close above major horizontal resistance and the long-term descending trend-line could clear a path for much higher prices.The next significant area to keep an eye is 1.42/44.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Financial economics

Franc Beck,
Analytical expert
InstaForex Group © 2007-2020

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