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Technical analysis of GBP/USD for December 23, 2016

GBP/USD has broken support at 1.23 and is heading towards our next targeted support area of 1.22-1.2150. The trend remains bearish, but the downside move is very close to completion.

analytics585ce0020adc7.png

Blue lines - bearish channel

The price is making lower lows and lower highs. The oscillators are not making new lows and this is a bullish divergence. The short-term target for GBP/USD is the 1.2250 level. The short-term resistance is at 1.23.

analytics585ce0532b590.png

Red lines - channel

Green line - horizontal support

The GBP/USD pair has broken out and below the red channel and is heading towards the green trend line. I am not sure if we are going to reach it, but the trend remains strongly bearish. Only a move back above 1.23 and a daily close above it will be a bullish short-term signal. For a larger bullish reversal to occur, the GBP/USD pair should move higher than 1.25 levels.

The material has been provided by InstaForex Company - www.instaforex.com