GBP/USD trading plan for 19 November

GBP/USD stands on slippery grounds after stepping back from the monthly high 1.3310 in the previous day. Currently, GBP/USD is consolidating losses in response to the news from London. The cable lost ground after The Times triggered chatters over no-deal Brexit.

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GBP/USD dropped from 1.3270 to 1.3225 within a few hours during Thursday's Asian session. This bearish move breaks below the upward sloping trend line from November 13 and invites the GBP/USD sellers back to the market. Trading for a bearish move at this time is relevant after a pullback is confirmed since there is a breakout of the uptrend and an early indication of a trend reversal on the grounds of MACD bearish divergence formation.

The price must settle below 1.3225 in order to form a condition to decline further. Thus, traders are advised to wait for a pullback or sign of buyers' strength below 1.3255 to open short positions with targets at 1.3190 and 1.3110 which coincide with 261.8% and 423.6% fibonacci extension levels.

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