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07.11.201917:47 Forex Analysis & Reviews: November 7, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

Exchange Rates 07.11.2019 analysis

Few weeks ago, Bullish advancement was demonstrated towards 1.2800 then 1.3000 shortly 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, the depicted ascending wedge reversal pattern has been confirmed indicating a high probability of bearish reversal around the price levels of 1.2950-1.2970.

That's why, a quick bearish movement was anticipated towards 1.2780 (Key-Level) where some bullish recovery was recently initiated on October 24.

The recent Bullish rejection around the price levels of 1.2780, indicated another temporary bullish movement towards 1.2980-1.3000 where another long-term bearish swing was initiated as expected.

Today, signs of bullish recovery have been demonstrated around 1.2780. The short-term outlook remains bearish as long as consolidations are maintained below 1.2850.

On the other hand, a quick bearish breakout below 1.2780 should be achieved to enable further bearish decline towards 1.2600-1.2650 where some bullish recovery should be anticipated.

Trade Recommendations:

Intraday traders can look for valid SELL entries when bearish closure below 1.2780 is achieved. Expected Bearish target is projected towards 1.2650-1.2650.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mohamed Samy,
Analytical expert of InstaForex
© 2007-2022
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