Forex Trading: GBPUSD Technical Analysis – December 07, 2018

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The Great Britain Pound (GBP) slid down the US Dollar (USD) on Friday, decreasing the price of GBPUSD to less than 1.2800 following some major economic releases. The technical bias may remain bearish because the pair’s price marked a lower low in the recent downside move.

GBP/USD Technical Analysis

As of this writing, the pair is being traded around 1.2773, a support can be seen around 1.2530, an immediate trend line support is the point of reference. Another support may come near 1.2100, the psychological number then comes a key horizontal support level around 1.1907, as demonstrated in the given below chart.

GBPUSD

Coming towards the upside, a resistance can be noted around 1.3064, the immediate trend line resistance. Another resistance level may come at 1.3401, the 38.2% Fib level resistance ahead of 1.3866, the major horizontal resistance level as demonstrated in the given above chart. The technical bias shall remain bearish as long as 1.3401, the major horizontal resistance level remains intact.

UK’s Gross Domestic Product News

In Great Britain, the figure concerning the GDP (Gross Domestic Product) remained 0.0% in August, as compared to 0.4%t during the month before, down beating the economist expectation which was 0.1%. The date is sourced from a news released by the National Statistics, United Kingdom.

The figure represents a net worth of all products including goods and services produced in the country. It’s a matter of fact the news with respect to GDP is usually considered as the most anticipated economic news since it deals with the country’s economic health and performance over time. Generally speaking a rising trend in this regard indicates a bullish market for the Great Britain Pound (GBP) whereas a downward trend suggests a bearish market for the Great Britain Pound (GBP).

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, selling the GBPUSD around current levels can be a good decision in short to medium term.

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