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The United Kingdom is one of the European countries most affected by the coronavirus. The promising result of a possible cure for the coronavirus has been particularly positive for the British pound.
The pound maintains a strong uptrend, while other currencies are correcting technically. The pair remains firm amid the news on the coronavirus vaccine and the Brexit agreement.
From the technical point of view , we note that GBP/USD is very close to a key resistance zone of 5/8 of the murray level, this zone could stop the bullish momentum of this pair.
On the other hand, the eagle indicator which measures the strength of the market and anticipates a change in trend, is reaching an overbought zone, it is likely that in the next few hours there will be a correction in the pair.
Our recommendation is if the GBP/USD pair trades below the 1.3230 pivot point zone again, it would be a good opportunity to sell short-term with targets at 1.3186 and 1.3125.
If the pound rebounds from the 1.3232 area, and consolidates above this level, it would be a good point to buy with targets at 1.3305 and 1.3337.
According to market sentiment, we note that 70% of traders are with positions to sell, and only 30% are buying, which would be a sign that the pair continues its short-term uptrend to levels of 1.3340 approximately.
Our Forecast for November 11:
Our support and resistance levels for November 11,
Resistance (1) 1.3311 Support (1) 1.3188
Resistance (2) 1.3356 Support (2) 1.3109
Resistance (3) 1.3435 Support (3) 1.3064
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