GBPUSD Pushes Through Upside Barrier Towards 1.3300 Level on Brexit Progress

GBPUSD Pushes Through Upside Barrier Towards 1.3300 Level on Brexit Progress

GBPUSD Price Analysis – November 22

GBPUSD regains lost ground and pushes through upside barriers to reach levels towards the 1.3300 level. The GBPUSD has continued its upward advance, buoyed by a more upbeat view about the outcome of the negotiations on Brexit Progress.

Key Levels
Resistance Levels: 1.3514, 1.3482, 1.3313
Support Levels: 1.3260, 1.3106, 1.2881
GBPUSD Long-term Trend: Bullish
GBPUSD is bullish on the daily time frame as it breaks out of the 5 and 13 moving averages, technical indicators have advanced within positive levels with limited strength. GBPUSD reconfirmed its breakout in the previous session by exceeding session highs after trading to 1.3297.

In a broader context, the target stays at the key resistance level of 1.3514. A decisive disruption can also occur with sustainable trade beyond key barriers. This should confirm the mid-term bottom at 1.1409. The forecast can be changed to rise to the resistance level of 1.4376 and above. Meanwhile, a deviation at 1.3514 may maintain medium-term bearish sentiment for another decline beneath 1.1409.
GBPUSD Short-term Trend: Bullish
In the 4 hours chart, the pair is offering a neutral to a bullish position as the momentum indicator is staying neutral while the RSI is approaching 61. The bullish moving average 13 provides dynamic support, currently at 1.3260. A sharper increase could be anticipated on a clear breach beyond 1.3313.

On the other hand, a breakout of 1.3313 may restart full recovery from 1.2675 to retest the 1.3482 resistance level. On the other hand, a solid breakout of the 1.3106 support level would be evidence that the rebound from 1.2675 has ended. The intraday bias could reverse back towards the 1.2881 support level.

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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.