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23.11.202016:39 Forex Analysis & Reviews: November 23, 2020 : 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 23.11.2020 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.

Further bullish advancement is being expressed towards 1.3380-1.3400 where the pair looks overbought after failure of the previous price zone to offer sufficient bearish pressure on the pair.

Upon the current bullish pullback, price action should be watched around the price levels of (1.3380-1.3400) for signs of bearish pressure as a valid SELL Entry can be offered.

Initial bearish target would be located at 1.3300 and 1.3250. While S/L should be placed above 1.3450.

Mohamed Samy
Analytical expert of InstaForex
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