Technical Analysis of GBP/USD for November 20, 2020

Technical Market Outlook:

The GBP/USD pair has moved out of the channel, hit the level of 1.3196, made a Pin Bar candlestick on H4 time frame chart and bounced back up towards the level of 1.3283. Currently, the bulls are testing the lower channel line from below. If they are rejected, then the down move will continue towards the new target seen at the level of 1.3165. The other technical supports are 1.3121 and 1.3078.

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.


The material has been provided by InstaForex Company -