November 9, 2020 : GBP/USD Intraday technical analysis and trade recommendations.
Short-term bearish outlook was expected especially after bearish persistence was achieved below the lower limit of the newly-established ascending-channel around 1.3100.
A quick bearish decline took place towards 1.2780 and 1.2700 where considerable bullish rejection brought the pair back towards 1.3000 and 1.3100 during the past few weeks.
The price zone of 1.3100-1.3150 (the depicted channel upper limit) constituted an Intraday Key-Zone to offering considerable bearish pressure on the GBPUSD Pair.
Bullish Persistence above the mentioned price zone of 1.3100-1.3150 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.
Moreover, the recent bullish breakout above 1.3000 has enabled further bullish advancement towards 1.3175-1.3200 where the upper limit of the current movement channel is located.
Price action should be watched around the current price levels (1.3200) as a valid SELL Entry can be offered. Initial bearish target is located at 1.3000
The material has been provided by InstaForex Company – www.instaforex.com