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The British pound (GBP / USD) is under downward pressure. We can visualize on the 1-hour chart that is trading below the 21 SMA located at 1.3372. The downward movement is expected to continue to 5/8 murray around 1.3305.
The US Dollar Index (#USDX) remains in a consolidation phase around 96.77. Investors await the release of the minutes of the FOMC policy meeting. If the content reveals the hawkish rhetoric among policymakers, it may give an upward boost to the US dollar. On the contrary, a technical correction may occur that will an advantage the British pound.
Support to the downside is located at 1.3305, around the zone of 5/8 murray. At this level, a technical rebound is expected. If the pound sterling falls towards these levels, it could enter into a strong oversold stage because this support coincides with the bottom of the downtrend channel formed since October 28.
The eagle indicator is showing a bullish bias moving above a trend channel and it is likely that there may be a recovery in the coming days as long as it remains above 1.3305.
The key to watch in the next few hours is the level of the 21 SMA located at 1.3372. If GBP/USD manages to settle above this level, we can expect a bullish move to the 200 EMA located at 1.3435.
Conversely, if GBP / USD continues to trade below 1.3370 it is likely to continue the downward movement and find support at 1.3305. If your strategy is bearish, we recommend selling below 1.3372 with targets at 1.3305.
Support and Resistance Levels for November 24 - 25, 2021
Resistance (3) 1.3474
Resistance (2) 1.3435
Resistance (1) 1.3406
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Support (1) 1.3332
Support (2) 1.3306
Support (3) 1.3271
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A trading tip for GBP/USD for November 24 - 25, 2021
Buy above 1.3372 (21 SMA ) or buy if rebound at 1.3305, with take profit at 1.3427 (EMA 200), stop loss below 1.3330.
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