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23.11.202012:29 Forex Analysis & Reviews: Technical analysis of the GBP/USD pair for the week of November 23-28, 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.

Trend analysis.

Price is expected to move up this week, rising from the level of 1.3280 (closing of the last weekly candle) towards the level of 1.3381 (blue dotted line). If this happens, the GBP / USD pair will continue climbing up to the target level which is 1.3481 - the upper fractal (weekly candle on August 30).

Exchange Rates 23.11.2020 analysis

Figure 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - down;

- 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 1.3381 (blue dotted line), which is also the historical resistance level. If this line is reached, the quote will most likely continue moving upwards, towards the target level which is 1.3481 - the upper fractal (blue dotted line).

Another scenario is an upward movement from 1.3280 (closing of the last weekly candle) to 1.3381 (blue dotted line). But in this case, working for a decline towards 1.3177 is possible - 14.6% Fibonacci (red dotted line).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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