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GBP/USD: Technical Analysis | November 20, 2020

GBP/USD: Technical Analysis | November 20, 2020

  • Update Time : Friday, November 20, 2020
  • 14 Time View
GBP/USD: Technical Analysis | November 26, 2020
GBP/USD: Technical Analysis | November 26, 2020

MarketDeal24.Com – The price of the GBP/USD pair fell to a low of 1.3195 on Thursday after a slight apprehension about Brexit and the price was tested at the 1.32 handle in a four hour time frame. The price has recovered from 1.32 and is currently moving towards 1.33 and has created a hammer candle pattern.

In the weekly time frame, the 2020 opening level of 1.3250 is about to break, whereas if the GBP/USD pair becomes stronger, the price could be reached at 2017 opening level of 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 the price recovered from 38.2% Fibonacci retracement ratio 1.3101.

Important Things To Consider:

  • The opening level of 2020 1.3250 (weekly resistance) will serve as an important level today.
  • 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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