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

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.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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