FX.co ★ Technical analysis of GBP/USD for December 22, 2016

The GBPUSD is trading sideways on an intraday level. The price needs to break above 1.2385-1.24 in order to give us a short-term bullish signal with the 1.25 first target. On the other hand rejection at 1.2385 and a break below 1.23 will open the way for a push towards 1.22.

Blue line - resistance

The price needs to break above the blue trend line resistance. The price is moving sideways. A break below 1.2330 will be the first sign of weakness. A break above 1.2385 will be the first sign of strength.

On a daily basis, the trend remains bearish setting to test support at the lower trading range boundary at 1.2305. If this level is broken we should expect the price to push lower towards the green trend line support at 1.2110.