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FxWirePro: GBP/USD daily outlook

Source FxWire Pro - Technicals Tuesday, 26 Dec, 2017 12:07:40 GMT
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  • Cable is trading very flat for the past one week on account of Christmas holidays. The UK and EU has reached first round of deal on Dec 15th 2017 and next phase on trade negotiations is expected to soon. The pair has recovered almost 100 pips from the low of 1.33029 made on Dec 15th 2017 and is currently trading around 1.3365.
  • Brexit trade deal might be similar to ones signed with South Korea, Japan and Canada EU says.
  • On the lower side, near term support is around 1.3300 and any break below will drag the pair to next level till 1.3225/1.3175. Short term bullish invalidation only below 1.30280.
  • The near term resistance is around 1.3420 (trend line joining 1.35204 and 1.34654) and any break above will take the pair to next level till 1.3470/1.3520. Bullish continuation only above 1.3550.

It is good to sell on rallies around 1.3425-30 with SL around 1.3500 for the TP of 1.3300/1.3220.

Source: FxWire Pro - Technicals
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