To follow up with our previous technical analysis for GBPUSD on 16/11/2020, pls check the post below again:
the slightly up trend of Cable has been shown with a higher highs on 03/12/2020 at 1.3500, and after that it has been declined to 1.31342 recently on 11/12/2020 due to the news that Britain is preparing for a hard Brexit on this coming 31/12/2020.
Technically GBPUSD is now trading in a range of around 800 pips (6.02%), counted from the peak at 1.34825 on 01/09/2020 to its lows at 1.26752 on 23/09/2020, whereat the price at the moment to the time we write this analysis is traded around 1.3320 price handle, so the price action is approaching the higher value area of its peaks again, a sign for further up momentum. For the current support level at D1 TF, we still see for a middle term 1.3090 should be still as good demand zone for the upper side from that above mentioned current trading range. Any break down below that 1.3090 price handle at D1 TF (closed below) will indicate for a downside to reach the lower price range again.
In the short term trading strategy, we see at H1 TF it is forming now the right shoulder in an inverted H&S, any break out in the short term above 1.3355 price level, upside momentum will lead then the price action for further highs, we expect to reach the previous highs again at 1.3500.
We will keep monitoring about that pairs soon in the up coming events.