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GBP/USD Price Analysis of The Day [ 19th November 2020 ]

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  • GBP/USD pulls back from November 11 high, eyes two-week-old support line.
  • RSI weakness from nearly overbought territory, tough resistance suggest further declines.
  • Bulls can aim for September high beyond 1.3315, 1.3105/3100 becomes the key support.

Having slipped from 1.3312, GBP/USD wavers around 1.3270 during the initial Asian session on Thursday. In doing so, the cable highlights a short-term ascending triangle formation on the four-hour (4H) chart.

Considering the latest pullback in RSI from almost overbought conditions, coupled with the failures to cross 1.3315/10 area, GBP/USD sellers can attempt confirming the bearish chart pattern. As a result, a break below the upward sloping trend line from November 02, near 1.3220 now, becomes the key.

As per PipsWin, it should, however, be noted that the pair’s declines past-1.3220 will be probed by a confluence of 100-bar SMA and the mid-November lows near 1.3105/3100 area.

If the bears dominate past-1.3100, the downside pressure will get additional fuel from the β€œdouble-top” confirmation, which in turn directs the quote towards the sub-1.3000 area.

Meanwhile, an upside clearance of the 1.3315 resistance can push the GBP/USD bulls towards the September high around 1.3485. Though, the 1.3400 round-figure may offer an intermediate halt during the rise.

π΄π‘‘π‘‘π‘–π‘‘π‘–π‘œπ‘›π‘Žπ‘™ πΌπ‘šπ‘π‘œπ‘Ÿπ‘‘π‘Žπ‘›π‘‘ 𝐿𝑒𝑣𝑒𝑙𝑠:

πŸ‘‰Today last price: 1.3269

πŸ‘‰Today daily change: 17 pips

πŸ‘‰Today daily change: 0.13%

πŸ‘‰Today daily open: 1.325

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