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GBP/USD: technical analysis 21.11.2019

Current trend

On the 4-hour chart, the instrument shows a moderate positive dynamic. At the moment the price has met the resistance at 1.29320, which coincided with the middle line of Bollinger Bands. The area of 1.29320-1.29395 can prevent the further rise. Judging by the hourly technical conditions on the chart the downward correction scenario is possible. However, the breakout of 1.29395 and the pair’s sustained trading above it can accelerate the pair towards 1.29700.

Alternative scenario

The rebound from 1.29395 and pullback below 1.29089 could lead the price back to 1.28881 support.
The downward trend will be restored after the price is set below the level of 1.28784.
In this case, the next targets of sellers will be the support level of 1.28479.

Technical indicators reflect the moderate maintenance of the upward potential.
MACD is slowly growing in the positive zone.
Stochastic is in the overbought area and is pointed upwards.
Bollinger Bands are pointed sideways.

Support and resistance

Support levels: 1.29089, 1.28784, 1.28479.
Resistance levels: 1.29395, 1.29700, 1.30005.

Trading recommendations

Short positions can be opened below the level of 1.29089 with the target at around 1.28784 and stop-loss at 1.29190.
Long positions can be opened above the level of 1.29395 with the target at around 1.29700 and stop-loss at 1.29290.

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