You are here: Home > articles > Forex > GBP/USD intraday technical levels and trading recommendations for November 27, 2015
GBP/USD intraday technical levels and trading recommendations for November 27, 2015
November 27, 2015 5:00 pmVideo
Latest News
- Market Comment – US and Eurozone inflation data in focus May 31, 2024
- Technical Analysis – EURGBP stuck around the crucial 0.8500 floor May 31, 2024
- Technical Analysis – USDCAD meets uptrend line again and again May 31, 2024
- Technical Analysis – AUDUSD bullish tendency in doubt May 31, 2024
- USD/JPY: trading tips for beginners for European session on May 31 May 31, 2024
- GBP/USD: trading tips for beginners for European session on May 31 May 31, 2024
- EUR/USD: trading tips for beginners for European session on May 31 May 31, 2024
- Video market update for May 31, 2024 May 31, 2024
- Trading plan for GBP/USD on May 31. Simple tips for beginners May 31, 2024
- Trading plan for EUR/USD on May 31. Simple tips for beginners May 31, 2024
- Nasdaq red flags: Salesforce drops index 1% May 31, 2024
- Technical Analysis of Intraday Price Movement of Ripple Cryptocurrency, Friday May 31 2024. May 31, 2024
- Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Friday May 31 2024. May 31, 2024
- Forecast for EUR/USD on May 31, 2024 May 31, 2024
- Forecast for GBP/USD on May 31, 2024 May 31, 2024
- Forecast for USD/JPY on May 31, 2024 May 31, 2024
- Overview of GBP/USD on May 31. The pound is rising again May 31, 2024
- Technical Analysis – US 30 index on the slide for the second week May 30, 2024
- Technical Analysis – Meta stock consolidates below 50-day SMA May 30, 2024
- Analysis of EUR/USD pair on May 30th. An unexpected stop near the 1.0788 mark May 30, 2024
Overview:
Strong bullish pressure was applied at the resistance level of 1.5800 via the previous bullish swing.
Hence, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.
Later, the support level of 1.5555 got breached due to the excessive bearish pressure, which originated at 1.5800.
The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection, which took place on October 6.
Note that bearish persistence below the level of 1.5200 was needed for a further bearish decline towards the level of 1.4950 (prominent weekly support). Instead, a bullish breakout above 1.5200 has been expressed on the previous Tuesday.
Bullish fixation above the price zone of 1.5200-1.5250 allowed a bullish movement towards 1.5330 where the upper limit of the depicted channel put the GBP/USD pair under significant bearish pressure.
This week, bearish persistence below 1.5030 (important key level) is needed to allow bearish decline towards 1.4950 (previous weekly bottom).
On the other hand, a stronger support level is located at 1.4850 (the lower limit of the depicted movement channel). This is where a low-risk buy entry can be offered to conservative traders.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: