GBPUSD December 6th technical analysis
Although GBPUSD was attempting to cross $ 1. 27 at the beginning of the Asian trading session, we saw a strong upside back in yesterday’s trading, with the pound having peaked at 1.2798. However, just below 1.28, we saw a sharp increase in sales pressures on GBPUSD. This range is aligned with the 4-hour resistance line drawn from the peak of 3174 and the November reopening rate of 1 2767.
Today, the probability of a GBPUSD collision with the Rand rate is $ 1. 27. As recent lending orders and a trading deal below $ 1. 27 have been activated, a $ 1. 27 defeat could exacerbate GBPUSD’s downside. If the bullish market rally continues to go from $ 1. 28, the GBPUSD bullish path will be matched to $ 1.29.
Under $ 1.27, the first key market support is 1.2634, which is a key daily support. This support is consistent with the support line drawn from the bottom of July 1904, and the pattern AB = CD is also completed at 1 2614. In addition, a definitive failure of $ 1.27 could add GBPUSD weekly chart to the depth of the weekly demand zone at 1.2898-1.2589.
Price action strategy
Based on the above, two scenarios can be considered:
Scenario 1: Closing the chart at $ 1.28 and reinstating it in the form of support and forming a bullish 4-Kundle can be enough to enter the GBPUSD purchase deal. The first profit margin of GBPUSD is the Rand rate of $ 1.29.
Scenario 2: Charting below the 1.47 chart can support GBPUSD’s daily key support at 1,2635. A rebound below $ 1.27 and a quarterly downtrend would be enough to enter the GBPUSD sales deal.