November 16, 2020 : GBP/USD Intraday technical analysis and trade recommendations.
The price zone around the previous channel’s upper limit around 1.3100-1.3150 constituted an Intraday Key-Zone to offer temporary bearish pressure on the GBPUSD Pair.
However, Bullish Persistence above the mentioned price zone was supposed to allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested bullish pattern.
However, the GBP/USD pair failed to do so, Instead, another bearish movement was targeting the price level of 1.2840 where bullish SUPPORT existed allowing another bullish movement initially towards 1.3000 which failed to maintain sufficient bearish momentum.
That’s why, the recent bullish breakout above 1.3000 has enabled further bullish advancement towards 1.3250-1.3270 where the upper limit of the current movement channel came to meet the GBP/USDpair.
Upon any upcoming bullish pullback, price action should be watched around the price levels of (1.3250-1.3270) for signs of bearish pressure as a valid SELL Entry can be offered.
Initial bearish target is located at 1.3000. While S/L should be placed above 1.3300.
The material has been provided by InstaForex Company – www.instaforex.com