Technical analysis of GBP/USD for Nov 15, 2019

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The bulls are fighting back

The GBP/USD pair has moved a little bit higher towards the technical resistance as the bulls are still trying to move up towards it. Liquidity is drying up again, but the momentum is neutral and just slightly positive despite the oversold conditions, so the next leg will likely be down again. The nearest technical support is seen at the level of 1.2705 and the nearest technical resistance is seen at the level of 1.2939.

Weekly Pivot Points:

WR3 – 1.3033

WR2 – 1.2987

WR1 – 1.2853

Weekly Pivot – 1.2816

WS1 – 1.2681

WS2 – 1.2633

WS3 – 1.2516

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.3000 and it must be clearly violated. The key long-term technical support is seen at the level of 1.2231 – 1.2224 and the key long-term technical resistance is located at the level of 1.3509. As long as the price is trading below this level, the downtrend continues towards the level of 1.1957 and below.

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

Source:: Technical analysis of GBP/USD for 15/11/2019:

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