- November 11, 2020
- Posted by: cabana-admin
- Category: Forex Broker
Overview– GBP/USD gained the month tops and attracting the bullish momentum. Pound, supported by market hopes of a COVID-19 -19 vaccination. The pair has the highest record in the third quarter, according to the latest Labour market.
Technical facts: From the technical point of view, the GBP/USD is neutral -to-bullish, as despite its fresh high, the positive momentum is maintained in the market. The 4 hourly charts shows that the pair has advanced beyond all the moving averages. This shows that bulls are emerging on the top and trying to maintain movements towards the north side. The pair advises the buyers to set for the buy-side in the market. The pair may reach the resistance line 1.3350 level in the long term. The pair is looking strong bullish side of the market. The pair has gained strength after breaking the above 1.3250 that boosted the pound across the board. As long as the pair holds the above 1.3100 the bias will point the upside momentum. According to the trend on the daily chart, the market is rising towards the upside, so it gives us confirmation that the market will go on the upside. All the major EMA lines are raising above the SMA lines.
Also, according to the pair the current position of the market is 1.3269. The support is 1.3200 followed is 1.3150 and the resistance is 1.3330 followed by 1.3375.
Trade idea: From the above conclusion we can conclude that buyers should go for 1.3230 targets will be 1.3350 and 1.3450 the stop loss will be 1.3100.
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