empty
 
 
21.11.2019 02:43 PM
November 21, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

This image is no longer relevant

Few weeks ago, Further Bullish advancement was demonstrated towards 1.2650 then 1.3000 after the neckline of the depicted Double-Bottom pattern (1.2400-1.2415) was breached to the upside.

Since October 21, the GBP/USD pair has failed to achieve a persistent bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponds to a previous Prominent-TOP that goes back to May 2019.

Moreover, an ascending wedge reversal pattern was confirmed on October 22. This indicated a high probability of bearish reversal around the mentioned price zone.

Hence, a quick bearish movement was anticipated towards 1.2780 (Key-Level) where bullish recovery was recently demonstrated on two consecutive visits.

Recent bullish rejection around the price levels of 1.2780 indicated another bullish movement towards 1.2980-1.3000.

Since then, the GBP/USD pair has been trapped between the mentioned price levels (1.2780-1.2980) until now.

Technical outlook remains bearish as long as consolidations are maintained below 1.3000 on the H4 chart.

Moreover, negative divergence is being demonstrated on the H4 chart. That's why, high probability of bearish rejection exists around the price levels of (1.2980-1.3000).

A quick bearish breakout below 1.2875 (short-term uptrend) is needed to enable further bearish decline towards 1.2780 where a better decision can be taken upon recent price action.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback