Nov 20, 2020

Chart of the Day: GBP/USD – Bulls Dominates Market

The bulls dominate the GBPUSD markets. The price is trying to form a triple chart pattern in the 4-hour chart; the price tested the resistance level of $1.32 on November 09, it pulled back and retest it a second time on November 18. The bulls are trying to test it a third time at the moment. GBPUSD relative strength index period 14 bending up at 60 levels to indicate a buy signal.

So a long position from 1.3220-1.3240 would be advisable. A continuous of long position could be done above 1.3310 level with targeting 1.34 handle & any push above.

Earlier this week, major news portals reported that UK & EU has managed to strike a deal, but due to Chief negotiator Michele Barnier testing positive to Covid19, the meeting has been postponed to next week Tuesday.

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