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GBPUSD Forecast And Technical Analysis Dec 8th

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD Forecast And Technical Analysis Dec 8th

Cable and all other GBP pairs boosted by positive Brexit News indicating that the EU and the UK reached an agreement on the role of the European Court of Justice post-Brexit, being then, the Irish border issue, the last milestone , which headlines indicating a deal is close on the issue being the latest bullish catalyst.

GBP was the only currency gained strength against USD yesterday.

Today UK Manufacturing and Trade Balance data will be released. Also; GBPUSD could take cues from the UK industrial production and trade balance data. Meanwhile, the USD side of the story could strengthen if the US wage growth numbers beat estimates.

GBPUSD has tested the bullish channel but reversed from 1.135200 as seen in the second chart.

We have 2 main levels to watch out:

A. 1.13500 is the main resistance and price will continue its bullish action if it breaks above 1.13550.

B. 1.33600 support. If the price breaks below this support, 1.32000 will be the target.

Technically, the trend on the weekly, daily and H4 chart is bullish . Before 1.33600, 1.34200 is the first support level for GBPUSD .

Nothing changed on our side. We are bullish on GBPUSD and all GBP pairs. We will use pullbacks as buying opportunities.

Today, we will wait for the data flow, and try to add LONG positions for short-term purposes. 1.33600 will be the key level to pay attention.

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