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GBP/USD: Weekly Technical Analysis | 2nd - 6th November

GBP/USD: Weekly Technical Analysis | 2nd – 6th November, 2020

  • Update Time : Sunday, November 1, 2020
  • 80 Time View
GBP/USD: Technical Analysis | November 27, 2020
GBP/USD: Technical Analysis | November 27, 2020

Weekly Time Frame:

Since the beginning of October, the price has been in the profit/loss range of around 1.2960.

In the weekly time frame, sellers still have a chance to move to the 2019 opening level of 1.2739, blending with the trend line resistance starts from a high of 1.5930. The opening level of 2020 at 1.3250 working as resistance.

If the price breaks support 1.2739, the price may move to the June 29 low of 1.2251, followed by Quasimodo support 1.2163.

Daily Time Frame:

With resistance approaching 1.3200, buyers are starting to lose their position.

This was followed by an increase in selling last week and all eyes were on the trend line support starting from a low of 1.2075. It is followed by Quasimodo support at 1.2762 and 200-day SMA (orange – 1.2705).

Four Hour Time Frame:

The British pound rose slightly against the US dollar on Friday, matching the 1.29 handle and the October opening level. Despite trying to increase the price, the price is still below 1.30.

1.29 level is currently working as support. Sellers still have the ability to take prices down according to the larger time frame.

Important Things To Consider:

  • The 1.29 handle is in a shaky condition, which, if break, the price will go to 1.28. Conservative sellers will wait for the price to be tested at 1.29 before entering the market.
  • If sellers want to take the price to 1.29, the price can be tested at 1.30 before that.

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