empty
 
 
26.11.2020 05:15 PM
GBP/USD Forecast for 26 November

Since Wednesday, the GBP/USD exchange rate has been testing the resistance level formed by the weekly resistance at 1.340.

This image is no longer relevant

GBP/USD continues trading in an ascending triangle – a bullish technical pattern. Attempts to break above the ceiling of 1.3397 have been unsuccessful, yet there is still room for a breakout.

However, any subsequent move up is more likely to meet resistance near the top barrier of the ascending triangle . The barrier is near the 1.3400 round figure mark region.

In the meantime, the formation of bearish divergence (MACD) suggests a reversal to the south could occur. Trading for a bearish move at this time is irrelevant since price is consolidating between 1.339-1.33. If a breakout below 1.33 round figure mark is seen, the trend reversal from MACD bearish divergence is confirmed. This would probably ignite an impulsive downside push back towards 1.320 region mark.

Jan Novotny,
Analytical expert of InstaForex
© 2007-2024
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 $1000 more!
    In April we raffle $1000 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