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Technical analysis of GBP/USD 01/12/2023

The GBP/USD currency pair on (1D) found resistance at 1.2450 as part of an upward correction and is currently trading around 1.2200.

The pair managed to consolidate above the resistance level of 1.2300 (50% Fibo), (MA200), which technically means the development of an upward correction with the target in the area of 1.2750 (61.8% Fibo).

A signal to cancel the option to continue the upward correction will be a decrease in quotes below the low of 1.0336, which will indicate a continuation of the downtrend.

Created by Joshua Hayn

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