Forex Trading: GBPUSD Technical Analysis – December 09, 2019
The Great Britain Pound (GBP) continues rising high on Monday, increasing the price to more than 1.3143. The price increase amid key economic release. The technical bias might remain bullish since the lower high was printed during the last downside move.
GBPUSD: Technical Analysis
As of now, the GBPUSD is being quoted around 1.3143. As the price moves up, it may expose to multiple resistance levels including 1.3163, the immediate trend line resistance ahead of 1.3200, the psychological number followed by 1.3381, the high of March 13, 2019, as shown in the graph below.
Coming towards the downside, a support may be seen around 1.2995, the trend line support which may prevent the price from sliding downside, ahead of the Fibonacci level which stands around 1.2837, and then comes 1.2669, the major horizontal support level as shown in the graph above.
GBP Markit Services PMI
From a Fundamental point of view, the PMI service is provided by both the Chartered Purchasing & Supply Institute and Markit Economics, a measure of the economic situation in the service industry in the United Kingdom. As a matter of fact, as it was 48.6 last month, the summary of the sales and employment situation is rising by 07 points.
Since the technical bias is expected to remain bullish and the price is moving upside, trading GBPUSD around current levels may be a good decision in the short to medium term.