For Traders

Analytical Reviews

Technical analysis

23.11.202004:59 Forex Analysis & Reviews: Forecast for GBP/USD on November 23, 2020

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

This morning, investors were optimistic about the postponement of the next Brexit deadline to December 10 - the EU summit. According to rumors and expectations, the final agreement may be ready by November 30th. The current target for the pound's growth is the 1.3350/80 range. Getting the pair to settle above it may cause the pound to rise to the September 1 high at 1.3480. This scenario has a small pitfall - the impending divergence with the Marlin oscillator. As a result, this could cause the price to settle under the MACD line of 1.3190, and if it coincides with a failure in the final deal, which has a high likelihood, this will open the way to a medium-term decline.

The trend is completely upward on the four-hour chart. The nearest support is 1.3260 along the MACD line. We are waiting for the pound to rise in the range of 1.3350/80, as well as further news on the negotiations between the UK and the EU.

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.