GBP/USD Technical Analysis: No end in sight for December's consolidation range

After jaunts up and down the charts, GBP/USD finds itself trading the week roughly back where it started, near 1.2650.

Joshua Gibson FXStreet

GBP/USD, 15-Minute

December has been hall-marked by consolidation for the Cable, broken up by frequent whipsaws that tend to go nowhere over time, leaving the major pair biased towards the middle.

GBP/USD, 1-Hour

The previous quarter shows GBP/USD in a firm downtrend, likely due to continuous bearish pressure from Brexit proceedings, and although the last couple of swing lows could be supporting a medium-term bullish reversal, traders will be waiting for a decisive break of levels beyond 1.2700 before hopping into any major bidding positions.

GBP/USD, 4-Hour

GBP/USD

Overview:
    Today Last Price: 1.2636
    Today Daily change: 1.0 pips
    Today Daily change %: 0.00791%
    Today Daily Open: 1.2635
Trends:
    Previous Daily SMA20: 1.265
    Previous Daily SMA50: 1.2775
    Previous Daily SMA100: 1.2898
    Previous Daily SMA200: 1.3162
Levels:
    Previous Daily High: 1.2648
    Previous Daily Low: 1.2438
    Previous Weekly High: 1.2778
    Previous Weekly Low: 1.2616
    Previous Monthly High: 1.284
    Previous Monthly Low: 1.2477
    Previous Daily Fibonacci 38.2%: 1.2568
    Previous Daily Fibonacci 61.8%: 1.2518
    Previous Daily Pivot Point S1: 1.2499
    Previous Daily Pivot Point S2: 1.2363
    Previous Daily Pivot Point S3: 1.2289
    Previous Daily Pivot Point R1: 1.271
    Previous Daily Pivot Point R2: 1.2784
    Previous Daily Pivot Point R3: 1.292

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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