For Traders

Analytical Reviews

Technical analysis

30.11.202015:18 Forex Analysis & Reviews: Trading Signal for GBP/USD for November 30, 2020: Bearish Pressure at 1.3370

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.

The GBP/USD pair this morning of the last day of November is trading around 1.3354 at the time of writing this analysis, you can notice on the 1-hour chart that GBP/USD has a very strong bearish top at 1.3370 (line blue) and immediate support at the 200 EMA around 1.3320.

If the GBP/USD pair breaks the top of 1.3370, we should expect a pullback to buy until 6/8 of murray, a zone of strong resistance. On the other hand, if it does not break, it should go back to the support of 1.3320. This will be a good level to buy in 1-hour charts.

If the GBP/USD pair breaks the support of 1.3320 / 1.3305 (5/8 of murray) there could be a more bearish movement, until the zone of 1.3260 and 1.3211, and it could be the beginning of a change in trend.

Fundamentally, GBP/USD has benefited in recent weeks from potential progress on a COVID-19 vaccine and a 96% Brexit deal. However, some spokespersons say this should wait a few more weeks. If the Brexit deal is still delayed this week, the British pound could suffer, and a bearish movement is very likely.

Market sentiment shows that there are 39% of investors who are buying this pair. If this figure increases this week, we could see a downward movement of the pair to the levels of 1.32 and 1.31. If it remains, it is likely to continue moving within the range.

Trading tip for GBP/USD for November 30

Sell the pair bellow 1.3370 with take profit at 1.3320 (EMA 200) and 1.3305 (5/8 murray), and stop loss above 1.3397.

Buy if the pair rebound around 1.3320/1.3305, with take profit at 1.3365 (strong resistance), stop loss below 1.3270.

Sell if the pair breakout to 1.3305, with take profit 1.3250 and 1.3180, Stop loss above 1.3350.

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.