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20.11.201809:18 Forex Analysis & Reviews: GBP/USD: plan for the European session on November 20. The pound continues to experience uncertainty with Brexit

Long-term review
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.

To open long positions for GBP/USD, it is required:

Yesterday, buyers tried to return to the market, but failed to break above an important level of resistance. At the moment, the main task is to break the upper limit of the channel in the area of 1.2877, which will lead to the formation of a new upward wave with an exit to the highs in the area of 1.2962 and 1.3040, where I recommend taking profit. In case the pound declines, support will be at the level of 1.2799, however, it would be best to open long positions immediately to a rebound from the low of 1.2725.

To open short positions for GBP/USD, it is required:

Like yesterday, an unsuccessful consolidation above the resistance of 1.2877 will be a signal to open short positions in order to drop to the area of the first support of 1.2799, the breakdown of which will lead to a larger sell-off of the GBP/USD with a minimum test of 1.2725, where I recommend taking profit. In case of positive news on Brexit, a breakthrough of 1.2877 will lead to an increase in the pound. In this scenario, it is best to open short positions by rebounding from the high of 1.2962 and 1.3039.

Indicator signals:

Moving averages

Trading is conducted in the area of 30-day and 50-day moving averages, which indicates the formation of the lateral nature of the market.

Bollinger Bands

The Bollinger Bands indicator indicates a decrease in volatility and does not provide signals on entering the market.

Exchange Rates 20.11.2018 analysis

Indicator description

  • Moving Average (average sliding) 50 days - yellow
  • Moving Average (average sliding) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
Miroslaw Bawulski
Analytical expert of InstaForex
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