25.11.2021 02:38 PM
Technical Analysis of GBP/USD for November 25, 2021

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The trend of GBP/USD pair movement was controversial as it took place in the down channel, the market showed the signs of instability.

Due to the previous events, the price is still moving between the levels of 1.3414 and 1.3300. Also, it should be remembered that the daily resistance and support are at the levels of 1.3270 and 1.3225 respectively.

Therefore, it is recommended to be cautious while opening orders in this area. So, it is necessary to wait until the downtrend channel has completed.

Yesterday the market has moved from it's top at 1.3114 and continued to fall towards the bottom of 1.1315.

Today in the one-hour chart, the current rise will remain in the framework of corrections. However, if the pair fails to pass through the level of 1.1315, the market will indicate a bearish opportunity below the strong resistance level of 1.1315 (the level of 1.1315 coincides with the double bottom too).

Since there's nothing new in the path of this pair, it is still not bullish. In this regard, sell deals are recommended lower than the 1.1315 level with the first target at 1.3170.

If the trend breaks the support at 1.3170. Thereupon, it is possible that the pair will move downwards continuing the development of the bearish trend to the level 1.3225 in order to test the daily support 2 (horizontal red line).

Mourad El Keddani,
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