GBPUSD Trend: Cable Advance on Brexit Fundamentals While Targeting Key Resistance

GBPUSD Price Analysis – November 17

Cable advanced past the level at 1.29 handle on the lower dollar after economic release for the U.S and the recent Brexit Party news gave a boost to the pair while holding firmly over the moving average 5 and 13.

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 trend, a near term bottom is structured on the level at 1.1958, and at present, the advance from the level at 1.1958 may be observed as that of consolidation from the low.

However, a further advance may then be reactivated to the level at 1.3301 resistance. Meanwhile, for now, this scenario may stay intact for as long as the level at 1.2582 resistance turned support remains solid. Hence the firm break of the level at 1.2582 may shift attention to the low.

GBPUSD Short term Trend: Ranging

On the flip side of the 4-hour time frame, the GBPUSD’s consolidation from the level at 1.3012 extended throughout prior trading sessions and the trend stays unaltered. The initial bias stays neutral first. Although such consolidation may likely continue with another plunge before its concluded.

As a result of this scenario, the downside zone may be limited above the level at 1.2582 resistance turned support to reactivate the resumption of further advance. Also for the upside zone, a break of the level at 1.3012 may activate the advance from the level at 1.1958 to 1.3301 resistance.

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