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18.11.2019 08:33 AM
Technical analysis for the GBP/USD currency pair for the week from November 18 to 23

Trend analysis.

This week, the price will move down with the first target of 1.2767 – the lower fractal. If achieved, the next lower target is 1.2643 – 21 average EMA (black thin line).

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Fig. 1 (weekly chart).

Comprehensive analysis:

- Indicator analysis – down;

- Fibonacci levels – down;

- Volumes – down;

- Candlestick analysis – down;

- Trend analysis – down;

- Bollinger Bands – down;

- Monthly chart – down.

The conclusion of comprehensive analysis – a downward movement.

The overall result of calculating the candle of the GBP/USD currency pair according to the weekly chart: the price for weeks is more likely to have a downward trend with the presence of the first upper shadow of the weekly black candlestick (Monday – up) and the absence of the second lower shadow (Friday – down).

The first lower target of 1.2767 – the lower fractal. If achieved, the next lower target is 1.2643 – 21 average EMA (black thin line).

An unlikely scenario – from the level of 1.2910, work up with the target of 1.3011 – the upper fractal (red dashed line).

Stefan Doll,
Analytical expert of InstaForex
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