Daily GBP USD Technical Analysis 21st November, 2016

GBP USD Technical Analysis

GBP USD Technical Analysis 21st November, 2016

Technical Analysis Overview:

Prev. Close      1.2340

Open               1.2322

Day’s Range   1.2302 – 1.2506

52 wk Range   1.1450 – 1.5240

1-Year Return -18.70%


Technical Support and Resistance:

Daily GBP USD Technical analysis shows that GBP/USD pair may find the immediate support at 1.2317. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2288 and 1.2259. On the other side the market has immediate resistance at 1.2375. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2404 and 1.2433.

Expected trading range for today is between 1.2302 supports and 1.2506 resistances.

As GBP/USD pair fell during the past week and now found the new testing region at 1.2300. Because of this, I think that the market is going to continue to go lower.

I think as per GBP USD technical analysis GBP market will try to reach towards the 1.21 handle below, and perhaps even down to the 1.2000 level. Given enough time, we could break down below that level but at this point I am only anticipating a move to that region, and of course that means that we have to be bearish.

There are no economic events for today, but tomorrow there are three important economic events going to be held.