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20.11.201908:48 Forex Analysis & Reviews: Technical analysis of GBP/USD for 20/11/2019:

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Overview:

The GBP/USD rally did not last long and the pair reversed after hitting the level of 1.2988. The next technical resistances located at the levels of 1.2988 and 1.3012 were never tested and Cable is back to the narrow trading range again. The immediate support is seen at the level of 1.2897, but the key technical support is located at the level of 1.2786 - 1.2765. The momentum is now neutral, but due to the market coming off the overbought conditions, the momentum might get negative soon.

Weekly Pivot Points:

WR3 - 1.3108

WR2 - 1.3004

WR1 - 1.2968

Weekly Pivot - 1.2874

WS1 - 1.2826

WS2 - 1.2727

WS3 - 1.2680

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 1.3012 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.

Exchange Rates 20.11.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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