Technical Analysis of GBP/USD for November 18, 2020

Technical Analysis of GBP/USD for November 18, 2020

Technical Market Outlook:

The GBP/USD pair has been trading close to the level of 1.3264 as it slowly approaches the recent swing high seen at the level of 1.3306. The nearest technical resistance is seen at the level of 1.3264 – 1.3283, so any violation of this zone will open the road towards the swing high seen at 1.3306. The local technical support is seen at the level of 1.3240 and 1.3165, so as long as GBP trades above this levels the outlook remains bullish. The higher time frame trend remains up as well with a target seen at the level of 1.3380.

Weekly Pivot Points:

WR3 – 1.3481

WR2 – 1.3397

WR1 – 1.3286

Weekly Pivot – 1.3197

WS1 – 1.3085

WS2 – 1.2994

WS3 – 1.2882

Trading Recommendations:

The GBP/USD pair is in the down trend on the monthly time frame, but the recent bounce from the low at 1.1411 made in the middle of March 2020 looks very strong and might be a reversal swing. In order to confirm the trend change, the bulls have to break through the technical resistance seen at the level of 1.3518. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken.

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