Technical analysis for the GBP/USD currency pair for the week from November 18-23, 2019

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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).

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).

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis for the GBP/USD currency pair for the week from November 18 to 23

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