29.11.202210:20 Forex Analysis & Reviews: Technical Analysis of GBP/USD for November 29, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The GBP/USD pair has made another higher high at the H4 time frame chart located at 1.2154. Currently, the market is making the wave v of the overall cycle and the target for this wave is located at 1.2248, so there is less than 100 pips away. The 50% Fibonacci retracement of the whole big wave down is seen at 1.2293, so the up move might extend towards this level as well. The key intraday technical support was seen at 1.2024 and this level was violated already as the pull-back from highs extends towards the technical support seen at 1.2000 and 1.1916.

Weekly Pivot Points:

WR3 - 1.21733

WR2 - 1.21168

WR1 - 1.20955

Weekly Pivot - 1.20603

WS1 - 1.20390

WS2 - 1.20038

WS3 - 1.19473

Trading Outlook:

The bulls are temporary in control of the market and the 50% Fibonacci retracement of the last big wave down located at 1.2293 might be tested soon. On the other hand, the level of 1.0351 has not been tested since 1985, so the down trend is strong. In order to terminate the down trend, bulls need to close the weekly candle above the level of 1.2275 (swing high from August 10th).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.