empty
 
 
24.11.2023 10:08 AM
Technical Analysis of GBP/USD for November 24, 2023

Technical Market Outlook:

The GBP/USD pair has terminated the pull-back at the level of 1.2448 and made another swing high at the level of 1.2572. In a case of a breakout higher, the next target for bulls is swing high seen at the level of 1.2745, but for now the bulls consolidate the recent gains close to the top. The strong and positive momentum on the H4 time frame chart support the bullish outlook for GBP in the short-term. The key technical support is still seen at the level of 1.2373 and the intraday technical support is located at 1.2524.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.2868

WR2 - 1.2687

WR1 - 1.2575

Weekly Pivot - 1.2394

WS1 - 1.2282

WS2 - 1.2101

WS3 - 1.1989

Trading Outlook:

The weekly time frame chart reveals a decisive Bullish Engulfing candlestick pattern materializing amid the breakout beyond the 1.2340 level, signaling the dominance of bullish sentiment as prices continue to climb. Currently, the market is trading above the 50-week moving average (WMA) and is on course towards the 100 WMA positioned at 1.2504. Conversely, a sustained breakout below the critical long-term technical support at 1.1802 significantly heightens the probability of a substantial downward movement, potentially targeting the level of 1.1494.

Summary
Urgency
Analytic
Sebastian Seliga
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback