empty
20.11.2023 08:45 PM
Weekly review on GBP/USD on November 20-24, 2023

This image is no longer relevant

Review :

The trend of GBP/USD pair movement was controversial as it took place in the downtrend channel. Due to the previous events, the price is still set between the levels of 1.2291 and 1.2153, so it is recommended to be careful while making deals in these levels because the prices of 1.2291 and 1.2153 are representing the resistance and support respectively.

The GBP/USD pair has faced strong resistances at the levels of 1.2291 because support had become resistance. So, the strong resistance has been already formed at the level of 1.2291 and the pair is likely to try to approach it in order to test it again. The market will indicate a bearish opportunity below the new strong resistance level of 1.2291 (the level of 1.2291 coincides with a ratio of 61.8% Fibonacci).

Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 1.2291, for that it will be good to sell the below the are of 1.2291. Therefore, it is necessary to wait till the downtrend channel is passed through.

Then the market will probably show the signs of a bearish market. In other words, sell deals are recommended below the price of 1.2291 with the first target at the level of 1.2153. From this point, the pair is likely to begin an descending movement to the price of 1.2068 with a view to test the daily support at 1.1990.

If the pair fails to pass through the level of 1.2291, the market will indicate a bearish opportunity below the strong resistance level of 1.2291. In this regard, sell deals are recommended lower than the 1.2291 level with the first target at 1.2153. It is possible that the pair will turn downwards continuing the development of the bearish trend to the levels of 1.2068 and 1.1990.

However, stop loss has always been in consideration thus it will be useful to set it above the last double top at the level of 1.2430 (notice that the major resistance today has set at 1.2430). The stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.2430.

The GBP/USD pair traded in different directions in the range of 1.2206 - 1.2350 and closed the day without significant changes. Today the pair also traded in a narrow range of 1.2240-1.2200, remaining close to Friday's closing price.

On the hourly chart, the GBP/USD pair is still testing the strength of the support - the moving average line MA (100) H1 (1.2249). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 100 H1, may be you need to look for entry points to buy at the end of the correction.

From a technical point of view, the GBP/USD pair holds on the winning side, according to the daily chart. The pair develops well above a bullish 50 Simple Moving Average (SMA), currently providing dynamic support at around 1.2153. The 50 and 100 SMAs offer modest downward slopes, converging around the 1.2249 price zone.

Finally, the Momentum indicator aims north, firmly bouncing from its midline, while the Relative Strength Index (RSI) indicator consolidates around 66. The GBP/USD pair has faced strong support at the level of 1.2153 because resistance became support. So, the strong support has been already faced at the level of 1.2153 and the pair is likely to try to approach it in order to test it again.

The level of 1.2249 represents a weekly pivot point for that it is acting as minor support this week. Furthermore, the GBP/USD pair is continuing to trade in a bullish trend from the new support level of 1.2153. Currently, the price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 1.2153 and 1.2350.

Also, it should be noticed that the double top is set at 1.2430. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.2249 with the first target at the level of 1.2350. If the trend is be able to break the double top at the level of 1.2350, then the market will continue rising towards the weekly resistance 1 at 1.2430 so as to test the ast bullish wave.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Puntos de entrada en el par EURUSD: Una ruptura del nivel de 1,0830 puede llevar al euro a subir hacia la zona de 1,0850 y 1,0870. La superación del nivel

Miroslaw Bawulski 07:08 2024-08-01 UTC+2

El euro y la libra no planean detenerse. Pronóstico en video para el 15 de julio

Puntos de entrada para el par EUR/USD: La ruptura del nivel 1.0910 puede llevar al euro hacia la zona de 1.0939 y 1.0960. La ruptura de 1.0884 puede llevar

Miroslaw Bawulski 08:28 2024-07-15 UTC+2

El mercado laboral no presenta problemas. Pronóstico en video para el 8 de julio

Puntos de entrada para el par EUR/USD: La ruptura del nivel 1.0837 puede llevar al euro hacia la zona de 1.0866 y 1.0899 La ruptura del nivel 1.0809 puede llevar

Miroslaw Bawulski 08:01 2024-07-08 UTC+2

El dólar estadounidense está recuperando su fuerza. Video Pronóstico para el 30 de mayo

Puntos de entrada en el par EURUSD: Una ruptura del nivel de 1,0803 podría provocar una subida del euro hasta la zona de 1,0831 y 1,0858. La ruptura del nivel

Miroslaw Bawulski 08:20 2024-05-30 UTC+2

Los compradores del euro y la libra no están forzando los acontecimientos. Previsión en vídeo para el 17 de mayo

Puntos de entrada para el par EURUSD: Una ruptura del nivel de 1,0866 puede llevar al crecimiento del euro a la zona de 1,0893 y 1,0918 Una ruptura del nivel

Miroslaw Bawulski 08:17 2024-05-17 UTC+2

El discurso del Presidente de la Fed puede afectar al mercado de divisas. Previsión en vídeo para el 14 de mayo

Puntos de entrada en el par EURUSD: La superación de 1,0805 puede llevar al euro a crecer hasta la zona de 1,0832 y 1,0857. Una ruptura de 1,0778 puede llevar

Miroslaw Bawulski 07:11 2024-05-14 UTC+2

La inflación aún no deja vivir tranquilo. Previsión por vídeo para el 29 de abril

Puntos de entrada en el par EURUSD: Una ruptura de 1,0751 puede llevar al euro a la zona de 1,0779 y 1,0804 Una ruptura del nivel de 1,0714 podría provocar

Miroslaw Bawulski 08:15 2024-04-29 UTC+2

Análisis semanal del EUR/USD para el 12 de diciembre de 2022

Siendo todos los elementos un mercado claramente alcista, sería posible para los operadores negociar solo posiciones largas en el par EUR/USD siempre que el precio se mantenga muy por encima

Mourad El Keddani 20:28 2022-12-12 UTC+2

Análisis técnico del GBP/USD para el 30 de septiembre de 2022

Los dos primeros días de la semana entre el 26 y el 28 de septiembre de 2022. La tendencia alcista es actualmente muy fuerte en el par GBP/USD. Mientras

Mourad El Keddani 15:58 2022-09-30 UTC+2

¿Quién gana dinero con la guerra y qué tiene que ver Meta (FB) con ella?

En los últimos días, los medios de comunicación de los países occidentales y de otros países han asustado a la Federación Rusa con horribles sanciones. Se llaman "sanciones del infierno"

09:56 2022-02-20 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.