16.11.202012:31 Forex Analysis & Reviews: Technical analysis of the GBP/USD pair for the week of November 16-20, 2020

Trend analysis.

The GBP/USD pair is expected to move up from 1.3187 (close of the last weekly candle) to 1.3354 (black bold line) this week, after which it will head to the target level which is 1.3480 - the upper fractal (blue dashed line).

Figure 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger lines - up;

- monthly chart - up.

Based on comprehensive analysis, the GBP/USD pair will continue its upward movement this week.

The candlestick on the weekly chart also indicates an upward trend for the pair, in which it will have no first lower shadow in the weekly white candlestick (Monday - up) and no second upper shadow (Friday - up).

The first target will be the level of 1.3354 (black thick line), and if this line is reached, the quote will most likely continue moving upwards, towards 1.3480 - the upper fractal (blue dotted line).

An unlikely scenario is movement from 1.3187 (closing of the last weekly candle) to 1.3354 (black thick line). But in the case of such an event, work downward in order to reach 14.6% Fibo, or the level of 1.3177 (red dotted line).