Technical Analysis for the FX Market – December 12-16

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GBP/USD Technical Analysis

The high of the last week for the GBP/USD was 1.29274 and after peaking the pair sharply dropped down just below the its 100-day SMA. Moreover, the market got intense selling pressure near 1.2775 (100-day SMA) and fell back to 1.2570, which is the key support level for the GBP/USD.

The pair is most likely to get strong support in this level, while this week the pair will target the key resistance zone 1.2730-1.2750 for its first bullish movement. If it can break this strong resistance zone then it will target 1.2905, which is the next key resistance level. We saw some bullish move ... (read more)