in our analysis, you can revisit it. In this zone, the price of GBP / USD tried to break twice, leaving a double top.
Now, at this moment the price has broken the uptrend channel of the 1-hour chart and is making the pullback. According to the price action, we notice that there is a strong downward pressure, which is going to look for the 1.3183 area Murray’s 4/8 level. (blue line)
A definitive break of 1.3183 will usher in a deeper decline to the 200-day EMA zone at 1.3061 of the 3/8 Murray (green line)
We have the key resistance of GBP/USD at 1.3260. It is a congestion zone since previously the pair has not been able to break this level. This will be the barrier if we wait for a new attempt to go up to the 1.3305 and 1.3467 area.
Our recommendation is to sell this pair given that the market sentiment has mixed forces, and a drop to 1.30 is very likely.
The eagle indicator is giving a bearish signal. So, with the price action we can indicate that there is a possibility of a fall of this pair to the support area of 1.3161.
Trading tip for GBP/USD for November 19:
Sell below 1.3242 (pullback) with take profit at 1.3200 and stop loss above 1.3270
Sell if the pair breaks below 1.3183 with take profit at 1.3061 (3/8 murray) and stop loss above 1.3245.
Buy if the pair rebounds to 1.3180 (4/8 murray) with take profit at 1.3140 and stop loss 1.3150
The material has been provided by InstaForex Company – www.instaforex.com
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