GBPUSD May Register Weakness at the Beginning of the Week by Pointing to the Most Recent Lows

GBPUSD May Register Weakness at the Beginning of the Week by Pointing to the Most Recent Lows

GBPUSD Price Analysis – November 10

The pound sterling is currently registering a continuing weakness against the USD as observed in the previous session that ends the last week of trading down on Friday at the level at 1.2775 after losing 39 pips. The sellers took control of the FX pair, as it confirmed their breakthrough in the previous low session after trading up to 25 pips below the intraday.

Key levels

Resistance levels: 1.3301, 1.3185, 1.3012

Support levels: 1.2582, 1.2195, 1.1958

GBPUSD Long-term trend: Bullish

In the long-term picture, a medium-term base was structured at the 1.1958 level, before the base at the lowest low. Meanwhile, for this scenario, the advance from the level at 1.1958 is seen as a strong consolidation from the lowest low.

However, an additional advance towards the resistance level of 1.3185 can be recorded. However, this may remain the probable scenario while the level at 1.2582 resistance stays as intact support. Therefore, the firm break of the level at 1.2582 can again shift attention to the level at 1.1958 low.

GBPUSD Short-term trend: Bearish

GBPUSD had collapsed slightly last week in the 4-hour timeframe, as consolidation from the 1.3012 level extended down. The initial bias remains neutral first and the possibility of a sustained plunge is likely.

Although the downward move may be restricted above the level at 1.2582 resistance turned support to resume its advance. At the top, a break of the level at 1.3012 may resume the advance of the level at 1.1958 to 1.2582 at 1.2195 beyond the level at 1.3012.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.