27.11.202008:50 Forex Analysis & Reviews: Technical Analysis of GBP/USD for November 27, 2020

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Technical Market Outlook:

The GPB/USD pair had tested the swing high located at the level of 1.3395, but did not manage to break through towards the next level. It is worth to notice that Pound still keeps trading inside of the ascending channel after the rally has been capped at the level of 1.3395. The Bearish Engulfing candlestick pattern occurred on H4 time frame is still a valid trigger for a pull-back, so the market might test the zone between the levels of 1.3264 - 1.3295 again. The next target for bulls is still seen at the level of 1.3447(swing high) and then at 1.3512. The nearest technical support is located at 1.3306, 1.3295 and 1.3264. The strong and positive momentum supports the short-term bullish outlook.

Weekly Pivot Points:

WR3 - 1.3491

WR2 - 1.3401

WR1 - 1.3359

Weekly Pivot - 1.3256

WS1 - 1.3209

WS2 - 1.3108

WS3 - 1.3061

Trading Recommendations:

The GBP/USD pair is in the down trend on the monthly time frame, but the recent bounce from the low at 1.1411 made in the middle of March 2020 looks very strong and might be a reversal swing. In order to confirm the trend change, the bulls have to break through the technical resistance seen at the level of 1.3518. All the local corrections should be used to enter a buy orders as long as the level of 1.2674 is not broken.

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