For Traders

Analytical Reviews

Technical analysis

25.11.202014:23 Forex Analysis & Reviews: GBP/USD Hot Forecast for 25 November

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.

GBP/USD is trading in an ascending triangle pattern in the past few days. The uptrend support has been holding since early November yet the recent rejection just under 1.34 creates the barrier level of this pattern.

However, any subsequent move up is more likely to meet resistance near the top barrier of the ascending triangle . The barrier is near the 1.3400 round figure mark region. The pair might then surpass the 1.3400 mark and aim towards testing September daily highs, around the 1.3480 region and then testing key 1.3500 psychological mark.

On the flip side, the formation of the bearish divergence (MACD) suggests that a downside breakout is upcoming. Trading for a bearish move at this time is irrelevant since price is consolidating between 1.339-1.33. If a breakout below 1.33 round figure mark is seen, the trend reversal from MACD bearish divergence is confirmed. This would probably ignite an impulsive downside push back towards 1.320 region mark and will make the pair vulnerable to accelerate the slide further to the 1.311 region.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.