empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

24.11.202115:53 Forex Analysis & Reviews: Trading signal for GBP/USD on November 24 - 25, 2021: buy above 1.3372 or buy if rebound at 1.3305 (5/8)

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.

Exchange Rates 24.11.2021 analysis

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

----------------------------

Support (1) 1.3332

Support (2) 1.3306

Support (3) 1.3271

***********************************************************

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.

Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off