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GBP/USD: technical analysis 13.11.2019

Current trend

The GBP/USD continues to consolidate in the side channel with the borders 1.28367-1.28584. If the sellers manage to decline the rate below the level of 1.28367, the downward movement can continue to the area of 1.28281, 1.28174. This area will be a key zone for the sellers. There is a chance of an upward rebound, while its breakdown will be a signal for downward trend resumption and give a prospect of falling to the level 1.27869.

Alternative scenario

The rebound from 1.28479 and pullback above 1.28614 will let the price to retest 1.28784 resistance zone.
The upward trend will be restored after the price is set above the level of 1.28849. In this case, the next targets of buyers will be the level of 1.29089-1.29166.

Support and resistance

Support levels: 1.28479, 1.28174, 1.27869.
Resistance levels: 1.28614, 1.28784, 1.29089.

Trading recommendations

Short positions can be opened below the level of 1.28367 with the target at around 1.28174 and stop-loss at 1.28432.
Long positions can be opened above the level of 1.28614 with the target at around 1.29089 and stop-loss at 1.28464.

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