Yahoo Finance Weekly Technical Outlook: GBP/USD ; Market Forecasts for November 20th – November 24th
Resistance level 3288, 1.3344, 1.3378
Pivot Level 3232
Support Level 3141
Technical Analysis
The GBP/USD pair closed weekend is trading above the 1.3197 levels which gets a good support base that reinforces the expectations of continuing with the bullish bias. This provides signals for the price recovery in the upcoming days after being in sideways. The pair is supported by its stochastic positivity that appears clearly on the daily time frame and rising above the 50.0 levels. The pair remains bullish for the moment with pair trading on rebound after testing barriers. This makes the trading settle now at the support area that appears in the chart. Some consolidations would be seen with bullish momentum. A further rise is expected from current levels on the new found support area and beginning of the new trend and the first main target located at the 1.3288 level. This points out that the pair breaking at the 1.3232 level besides holding above it will push the price to resume its with bullish that its next target located at the 1.3378 level.
Economic
Inflation Report Hearings, Public Sector Net Borrowing
Autumn Forecast Statement, Gross Domestic Product, Total Business Investment
BBA Mortgage Approvals.
Existing Home Sales, Fed’s Yellen Speech, Durable Goods Orders
Durable Goods Orders ex Transportation, Initial Jobless Claims, FOMC Minutes
Markit Manufacturing PMI, Markit PMI Composite
Area of Interest
Strong support at 1.3054 areas and closed above rebound of trend line.
Bullish momentum with two bar reversal above the support area.
Price action closed above rebound of trend line and oscillator rising above 50.0 levels indicating shift in momentum.
At Flip Area on Daily time frame support levels
For more detailed analysis from the author, please visit NoaFX.
This article was originally posted on FX Empire
