Technical Analysis of GBP/USD for November 6, 2020

Technical Market Outlook:

The GBP/USD pair keeps making the up and down swings inside of the trading range as the votes of the presidential elections in the USA are still being collected. Nevertheless, the outlook is now leaning towards bullish side as the recent local top was made at the level of 1.3155, just below the technical resistance located at 1.3169. The momentum is strong and positive, so it supports the short term bullish outlook. On the other hand, only a sustained violation of the long-term trend line will indicate more bearish pressure that can push the prices to the level of 1.2868, 1.2848 or even 1.2816.

Weekly Pivot Points:

WR3 - 1.3236

WR2 - 1.3153

WR1 - 1.3037

Weekly Pivot - 1.2956

WS1 - 1.2835

WS2 - 1.2757

WS3 - 1.2653

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