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20.11.201919:14 Forex Analysis & Reviews: November 20, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

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.

Exchange Rates 20.11.2019 analysis

Few weeks ago, Further Bullish advancement was demonstrated towards 1.2650 then 1.3000 after the neckline of the depicted Double-Bottom pattern (1.2400-1.2415) was breached to the upside.

Since October 21, the GBP/USD pair has failed to achieve a persistent bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponds to a previous Prominent-TOP that goes back to May 2019.

Moreover, an ascending wedge reversal pattern was confirmed on October 22. This indicated a high probability of bearish reversal around the mentioned price zone.

Hence, a quick bearish movement was anticipated towards 1.2780 (Key-Level) where bullish recovery was recently demonstrated on two consecutive visits.

Recent bullish rejection around the price levels of 1.2780 indicated another bullish movement towards 1.2980-1.3000.

Since then, the GBP/USD pair has been trapped between the mentioned price levels (1.2780-1.2980) until now.

Technical outlook remains bearish as long as consolidations are maintained below 1.3000 on the H4 chart.

Moreover, negative divergence is being demonstrated on the H4 chart. That's why, high probability of bearish rejection exists around the price levels 1.2980-1.3000.

A quick bearish breakout below 1.2875 (short-term uptrend) is needed to enable further bearish decline towards 1.2780 where a better decision can be taken upon recent price action.

Mohamed Samy
Analytical expert of InstaForex
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