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GBP/USD: technical analysis 29.11.2019

Current trend

The GBP/USD pair begins today’s trading with a slight bearish bias. The level of 1.29170 can be a first strong resistance, which can prevent the further rise. The decisive break of this level will give a prospect of growth to the level of 1.29395. The area of 1.29395-1.29501 seems a key zone for the buyers.

Alternative scenario

The pullback below 1.29089 and pair’s sustained trading below 1.28980 will let the price fall to the 1.28900 level, which coincided with the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.28784. This level seems a key mark for the sellers in a short term period. The breakdown of 1.28784 could trigger new active sells of the pair. In this case, the next targets of sellers will be the level of 1.28479.

Now the technical indicators reflect the moderate developing of the current upward trend.
Bollinger Bands are pointed upwards.
MACD histogram is in the positive zone keeping a signal for the opening of buy positions.
Stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of upward movement formation.

Support and resistance

Support levels: 1.29089, 1.28784, 1.28479.
Resistance levels: 1.29170, 1.29395, 1.29501.

Trading recommendations

Short positions can be opened below the level of 1.28980 with the target at around 1.28784-1.28700 and stop-loss at 1.29073.
Long positions can be opened above the level of 1.29170 with the target at around 1.29395-1.29501 and stop-loss at 1.29059.

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