Technical Analysis of GBP/USD for November 10, 2020

Technical Market Outlook:

The GBP/USD pair has been seen rallying towards the level of 1.3182, which is the key technical resistance for the price. Moreover, the level of 1.3196 is the target level for 1:1 Fibonacci projection of the last wave up and the level of 1.3172 is the 61% Fibonacci retracement of the last wave down on the daily time frame, so some kind of market reaction is expected here: continuation or reversal. If the up move is being continued, then the next target is seen at the level of 1.3258, if there is a reversal - the key technical support is located at the level of 1.2916.

Weekly Pivot Points:

WR3 - 1.3631

WR2 - 1.3400

WR1 - 1.3312

Weekly Pivot - 1.3083

WS1 - 1.2991

WS2 - 1.2762

WS3 - 1.2666

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