GBPUSD Price Analysis – November 3
Due to recent news release, the GBPUSD pair may recover further past the horizontal line on the level at 1.30 handle. The pair exited the prior week higher at the level 1.2940. Trending about 28 pips higher after the open, the Cable was unable to hold its gains as the sellers took control ending the day below its opening price. As the new session begins, the 1.3000 level is critical and may limit a further advance.
Resistance Levels: 1.3301, 1.3185, 1.3012
Support Levels: 1.2582, 1.2195, 1.1958
GBPUSD Long term Trend: Bullish
In the longer picture, the present scenario affirms the case of medium-term bottoming on the level at 1.1958. However, at this stage, the rise from the level at 1.1958 is seen as consolidating from the previous fall.
And a further advance may be seen back towards 1.3301 resistance. As of now, this scenario may stay as the likely trend in as much as the level at 1.2582 resistance turned support is intact. Although the GBPUSD displays a short-term downtrend, its likely a correction, as both the medium and long-term trends are still bullish.
GBPUSD Short term Trend: Ranging
On the 4-hour time frame, the bias stays neutral before the next open as the GBPUSD is staying in consolidation from the level at 1.3012 from the last session while the outlook is unchanged.
Meanwhile, in the event of another retracement, the downside may be contained above the level at 1.2582 resistance turned support to effect another advance northwards. On the upside, the break of the level at 1.3012 may further its advance from the level at 1.2195.
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.