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FX.co ★ Technical analysis for December 2019 on the GBP/USD currency pair

Technical analysis for December 2019 on the GBP/USD currency pair

Trend analysis.

In December, it is possible to move up with the target of 1.3011 - the upper fractal (red dotted line). In the case of overcoming this level, the next top target is the retracement level of 50% -1.3164 (blue dotted line).

Technical analysis for December 2019 on the GBP/USD currency pair

Fig. 1 (monthly chart).

Indicator analysis:

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- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Bands - up;

The conclusion of the complex analysis - the top is possible.

The overall result of calculating the candle of the GBP/USD currency pair according to the monthly chart: the price is likely to have an upward trend with the absence of the first lower shadow (the first week of the month - white) at the month-old white candles and the lack of the second upper shadow (last week - white).

The upper target of 1.3011 is the upper fractal (red dotted line). In the case of overcoming this level, the next top target is the retracement level of 50% - 1.3164 (blue dotted line).

An unlikely scenario is a downward movement with a target of 1.2608 - a 38.2% retracement level (red 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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