Technical Analysis of GBP/USD for November 19, 2020

Technical Market Outlook:

The GBP/USD pair has made another high at the level of 1.3310, but no follow through happened and the market reversed after Pin Bar candle had been made. The bears has pushed the price lower towards the level of 1.3240, which is out of the short-term channel zone. 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.

analytics5fb6177c01785.jpg

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