You are here: Home > articles > Forex > Intraday technical levels and trading recommendations for GBP/USD for November 22, 2018
Intraday technical levels and trading recommendations for GBP/USD for November 22, 2018
November 22, 2018 3:22 pmVideo
Latest News
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
- Will US retail sales add juice to the dollar’s rally? – Preview April 12, 2024
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish to test the backside of the broken uptrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700 where profitable BUY entries were suggested.
A Quick bullish movement was demonstrated towards the price level of 1.3170-1.3200 where the depicted downtrend came to meet the GBP/USD pair.
This initiated the current bearish pullback towards the depicted demand-zone of (1.2850-1.2780) where slight bullish recovery towards 1.2980 (key-level) was overpowered by quick bearish decline towards 1.2720 on November 15.
Recently, the GBP/USD pair failed to establish a successful bullish breakout above the price level of 1.2980 (key-level for the short-term scenario). Moreover, a quick bearish decline was demonstrated towards the price zone around 1.2780.
Early Signs of bullish recovery are manifested on the H4 chart. A double-bottom reversal pattern is about to be confirmed.
Bullish persistence above the price zone of 1.2870 (neckline of the reversal pattern) is needed to allow another bullish movement to occur towards 1.2980 and probably 1.3100 where the depicted daily downtrend comes to meet the pair.
On the other hand, bearish decline below 1.2780 invalidates the bullish scenario allowing further bearish decline towards 1.2700 and 1.2670.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: