Technical analysis of GBP/USD for November 18, 2020
The GBP/USD pair faced resistance at the level of 1.3360, while minor resistance is seen at 1.3312. Support is found at the levels of 1.3266 and 1.3233.
Also, it should be noted that a daily pivot point has already set at the level of 1.3209. Equally important, the GBP/USD pair is still moving around the key level at 1.3266.
Yesterday, the GBP/USD pair continued to move upwards from the level of 1.3209. The pair rose from the level of 1.3209 (this level of 1.3209 coincides with the double bottom) to the top around 1.330.
In consequence, the GBP/USD pair broke resistance, which turned strong support at the level of 1.3209. The level of 1.3209is expected to act as major support today.
From this point, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.3209 towards the target level of 1.3312. If the pair fails in passing through the level of 1.3312, the market will indicate the bearish opportunity below the level of 1.3312 in order to back to the pivot point at 1.3209.
Furthermore, if the GBP/USD pair is able to break out the bottom at 1.3209, the market will decline further to 1.3184 (daily support 1).
Hence, the price will fall into a bearish trend so as to go further towards the strong support at 1.3155 to test it again. The level of 1.3105 will form a double bottom.
On the other hand, if the price closes above the strong resistance of 1.3360, the best location for a stop loss order is seen above 1.3395.
The material has been provided by InstaForex Company – www.instaforex.com