GBPUSD May Attempt to Extend Advance Beyond 1.3200 Level As Brexit Cap Upside Move

GBPUSD Price Analysis – November 15

The GBPUSD pair is going into the weekly opening, trading a few pips beneath the 1.3200 level. Although the pair trades under the psychological 1.3200 level after having gained 80 pips to recover in the last session. The UK and the EU keep struggling to clinch a trade deal as Brexit cap upside move.

Key Levels
Resistance Levels: 1.3514, 1.3313, 1.3267
Support Levels: 1.3106, 1.2881, 1.2675
GBPUSD Long term Trend: Ranging
GBPUSD hit a two-month high of 1.3313 in the previous week, maintaining a moderate bullish position on the daily chart. The pair is developing from its moving average of 13, which maintains a bullish bias, acting as support at 1.3082.

Thus, from a technical point of view, the GBPUSD bullish sentiment is maintained as the forecast will be upwards for the resistance level of 1.4376 and above. Nonetheless, a deviation from the 1.3514 will maintain a medium and long-term bearish tone for another decline below 1.1409 in a later cycle.
GBPUSD Short term Trend: Ranging
GBPUSD rebound from 1.2675 restarted last week and reached 1.3313, but then retreated. The initial bias is neutral this week. The next rally is moderately favorable and a breach of 1.3313 would target the 1.3482 high.

On the 4-hour chart, the bullish potential appears limited as technical indicators have corrected selling conditions but remain within negative levels as price struggles to beat the 5 and 13 moving averages. However, a sustained breakout of 1.3106 would prove the rebound from Level 1.2675 completed. The intraday bias will reverse down towards the 1.2881 support level.

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