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GBP/USD: Technical Analysis| November 19, 2020

GBP/USD: Technical Analysis| November 19, 2020

  • Update Time : Thursday, November 19, 2020
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GBP/USD: Technical Analysis | November 27, 2020
GBP/USD: Technical Analysis | November 27, 2020

MarketDeal24.Com – The British pound rose for four consecutive days on Wednesday against a weaker US dollar in hopes of a Brexit deal. This resulted in the four-hour candlestick reaching the 1.33 handle and the price fading from the maximum 1.3312. From this level today, all eyes will be on the trend line support starting from the low of 1.2853, followed by the 1.32 handle. On the other hand above 1.33, September’s opening level 1.3368 may be targetted.

In the weekly time frame, the 2020 opening level of 1.3250 is now on the way to a break, where if the pair is stronger, price could go to the 2017 opening level 1.3503. In a four-hour time frame, the daily price combined with resistance 1.33 and a bearish harmonic Gartley pattern 1.3384/1.3312, after recovering from a 38.2% Fibonacci retracement ratio of 1.3101.

Important Things To Consider:

  • Sellers of 1.33 will be on alert. The weekly price will try to break the 2020 opening level of 1.3250.
  • 1.33 in the four-hour time frame and the daily harmonic pattern could contribute to price reductions for some sellers.

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