November 24, 2020 : GBP/USD Intraday technical analysis and trade recommendations.
In July, the GBP/USD pair has expressed an Ascending Flag Pattern above the price level of 1.2780.
Shortly after, bullish persistence above the price zone of 1.3300 was achieved. This was supposed to allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested pattern.
However, the GBP/USD pair failed to do so. Instead, another bearish movement was targeting the price level of 1.2840 and 1.2780 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 new movement channel came to meet the GBP/USD pair.
Further bullish advancement is being expressed towards 1.3380-1.3400 where the pair looks overbought after failure of the previous price zone to offer sufficient bearish pressure on the pair.
Upon the current bullish pullback, price action should be watched around the price levels of (1.3380-1.3400) for signs of bearish pressure as a valid SELL Entry can be offered.
Initial bearish target would be located at 1.3300 and 1.3250. While S/L should be placed above 1.3450.
The material has been provided by InstaForex Company – www.instaforex.com