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FX.co ★ Technical analysis for the week of December 2 to 7 on the GBP/USD currency pair

Technical analysis for the week of December 2 to 7 on the GBP/USD currency pair

Trend analysis.

This week, the price will move down with the first target of 1.2856 - a pullback level of 14.6% (red dotted line). If reached, the next lower target is 1.2762 - a pullback level of 23.6% (red dotted line).

Technical analysis for the week of December 2 to 7 on the GBP/USD currency pair

Fig. 1 (weekly chart).

Complex analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candle analysis - neutral;

- Trend analysis - up;

- Bollinger Bands - up;

- Monthly chart - down.

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The conclusion of the complex analysis - a downward movement.

The total result of calculating the candle of the GBP/USD currency pair according to the weekly chart: the price of the week probably will have a downward trend with the presence of the first upper shadow of the weekly black candles (Monday - up) and absence of the second lower shadow (Friday - down).

The first lower target of 1.2856 is a pullback level of 14.6% (red dotted line). If reached, the next lower target is 1.2762 - a pullback level of 23.6% (red dotted line).

An unlikely scenario - from the level of 1.2917, work up to the target of 1.3011 - the upper fractal (yellow dotted line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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