GBPUSD: Near Term Bearish Momentum Stopped by Support Zone on the Level at 1.2824

GBPUSD Price Analysis – November 24

The FX pair near term bearish momentum had extended its move in the prior session towards the minor horizontal zone on the level at 1.2824. In the process, the GBPUSD attempted to breach the technical zone for a push lower but stalled, it is likely that a reversal north could occur in the nearest future.

Key Levels

Resistance Levels: 1.3301, 1.3185, 1.3012
Support Levels: 1.2768, 1.2582, 1.1958

GBPUSD Long term Trend: Bullish

In the larger structure, a long-term base was formed on the support level at 1.1958, ahead of the previous low. At this point, the increase from the level at 1.1958 is viewed as that of consolidation from beneath.

A new advance towards the resistance of the level at 1.3301 may be attempted. At the moment, this may continue to be the likely scenario for as long as the level at 1.2582 resistance turned support stays intact. However, the firm break of the 1.2582 level may alter focus to the level at 1.1958 again.

GBPUSD Short term Trend: Ranging

The forex pair had closed back beneath the moving average 5 and 13 on the level at 1.2880 for the first time since November 13th. As prices are trading close to November’s low on the level at 1.2768, the downside momentum may accelerate should the GBPUSD record new lows for the month.

The plunge may be contained by the level at 1.2768 support to achieve the resumption of the advance. On the positive side, the break of the level at 1.3012 may resume the entire rally from the level at 1.1958. However, the break of the level at 1.2768 may accelerate a further plunge to the level at 1.2582 resistance turned into support.

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