Intraday technical levels and trading recommendations for GBP/USD for November 23, 2016 888011000 110888

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The cost zone between 1.3845 and 1.3550 (historical bottoms set in January 2009)was thought about a significant need zone to be looked for bullish recovery.However, by the end of June a considerable bearish break below 1.3550 was revealed as seen on the portrayed charts(essential factors). Bearish perseverance below the need level at 1.3550 enhanced the bearish circumstance towards the present cost levels around 1.2700(nearby bearish forecast target). Keep in mind that the GBP/USD pair was trapped inside the portrayed debt consolidation variety above 1.2700 till a bearish breakout occurred on October 6. Daily persistence listed below 1.2700 verified the bearish Flag pattern. That’s why, bearish forecast target would be located around

1.2020. Recently, bullish recovery appeared around 1.2080. That is why, a bullish pullback was being performed to 1.2700. The recent bullish pullback towards 1.2700 was suggested to be watched for a valid SELL entry. The

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bearish engulfing candlestick of the previous week enhances this scenario.S/ L should be reduced to 1.2600 to balance out the associated danger. T/P levels should be located at 1.2300(reached already)and 1.2100. The material has actually been supplied by InstaForex Company- www.instaforex.com

The cost zone in between 1.3845 and 1.3550(historic bottoms embeded in January 2009)was thought about a significant demand zone to be watched for bullish recovery.However, by the end of June a considerable bearish break below 1.3550 was revealed as seen on the depicted charts(fundamental factors). Bearish persistence listed below the need level at 1.3550 enhanced the bearish circumstance to the current price levels around 1.2700(nearby bearish forecast target). Note that the GBP/USD pair was trapped inside the portrayed debt consolidation variety above 1.2700 till a bearish breakout occurred on October 6.

Daily perseverance listed below 1.2700 confirmed the bearish Flag pattern. That’s why, bearish forecast target would lie around 1.2020.

Recently, bullish healing was manifested around 1.2080. That is why, a bullish pullback was being performed towards 1.2700.

The recent bullish pullback to 1.2700 was suggested to be looked for a legitimate OFFER entry. The bearish engulfing candlestick of the previous week improves this scenario.S/ L ought to be decreased to 1.2600 to balance out the associated danger. T/P levels must be located at 1.2300 (reached currently) and 1.2100.

The product has been provided by InstaForex Business –
www.instaforex.com

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