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20.11.202015:17 Examiner les analyses forex: November 20, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 20.11.2020 analysis

In July, the GBP/USD pair has expressed an Ascending Flag Pattern above the price level of 1.2780.

Shortly after, bullish persistence above the price zone of 1.3300 was achieved. This was supposed to allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested pattern.

However, the GBP/USD pair failed to do so. Instead, another bearish movement was targeting the price level of 1.2840 and 1.2780 where bullish SUPPORT existed allowing another bullish movement initially towards 1.3000 which failed to maintain sufficient bearish momentum.

That's why, the recent bullish breakout above 1.3000 has enabled further bullish advancement towards 1.3250-1.3270 where the upper limit of the new movement channel came to meet the GBP/USD pair.

Upon the current bullish pullback, price action should be watched around the price levels of (1.3270-1.3290) for signs of bearish pressure as a valid SELL Entry can be offered.

Initial bearish target would be located at 1.3000. While S/L should be placed above 1.3330.

Mohamed Samy
Analytical expert of InstaForex
© 2007-2020

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