GBP/USD Forecast December 22, 2016, Technical Analysis

GBP/USD daily chart, December 22, 2016

The British pound went back and forth on Wednesday, as we continue to chop just below the previous uptrend line. Because of this, it’s likely that the market is trying to figure out which way it wants to go next, and currently I think that the volume isn’t going to be strong enough to push this market in one direction or another. With this, I am a seller of resistance at the previous uptrend line, just as I am a seller of a break of the bottom of the session. Even if we break above the top of the uptrend line, I think that the 1.25 level could be overly resistive going forward.

Written by FX Empire