FX.co ★ Trading Signal for GBP/USD for December 29 - 30, 2020

The GBP / USD pair, at the opening of the American session, was trading at 1.3497, above the 200 EMA and the 21 SMA, which was acting as a support zone for the GBP/USD pair.

Yesterday, the GBP/USD rebounded in the 6/8 murray area, around 1.3427, a level that is now also acting as strong support, and from that point it was slowly rising.

Because the markets are waiting for the outcome of the Brexit agreement, the GBP market is preparing for a last upward impulse that could take it to the resistance zone of 1.3670, there is the 8/8 of murray and zone of strong resistance.

Our recommendation is to buy the GBP/USD pair, only if it remains above the 1.3427 area, 6/8 of a murray. If the pair breaks this level, we should avoid buying since we could expect a decline to the 1.3305 area.

The eagle indicator in the 1-hour chart is showing bullish signal.

The market sentiment for today December 29 shows that there are 48% of operators that are selling the GBP/USD pair. Due to this figure we must be careful to buy below 6/8 of murray, because we could see a decline to the 1.32 level in the short term.

Trading tip for GBP/USD for December 29 – 30

Buy above at 1.3485 (SMA 21 and EMA 200), with take profit at 1.3549 and 1.3670, stop loss below 1.3447.

Buy, if the pair rebounds around 6/8 of murray at 1.3427, with take profit at 1.3549 and 1.3670, stop below 1.3395.