Gbpusd novembar 5th 2018 technical analysis
Although the GBPUSD weekly chart is closed in a positive range, the pound is in USD between the weekly demand range of 1.2898-1.2589 and the supply range of 1.3472-1.3204. Recently, GBPUSD has hit the bottom of the neutral phase range and has shown a strong positive response.
On the GBPUSD daily chart, Resistance 1.3038 was activated on Thursday following a strong uptrend. The history of this resistance will return to May 2017. GBPUSD can lower its resistance to support at 1.284. However, the upside moves will push GBPUSD to the resistance line drawn from the bottom of 1.2661 and the key resistance of 1.3217.
The GBPUSD’s four-hour chart also tried to get higher levels on Friday trading. However, the rebound in October at 3031, slightly below the Fibonacci retracement of 61.8% at 1,3043, narrowed the uptrend and hit the GBPUSD’s quarterly chart below $ 1.30. This move has pushed the GBPUSD to close to $ 1.294. Additionally, the RSI indicator has reached a saturated range of 4h.
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Price action strategy
While the 1A-2941 quadruple support could push GBPUSD buyers into the market, buyers may have a RNR rate of 1.29. The September reopening rate of 1.2119 and the support of 38.2% Fibonacci at 1.2911 with a rand rate of 1.29 are few and therefore the likelihood of a bullish uptrend. However, it can not be said that the uptrend will rise above the resistance level at $ 1.241, but note that GBPUSD weekly chart jumps out of demand and the daily chart is back at 1.3038.
If the GBPUSD hits below 1.29, a deal can be traded at $ 1.29. The GBPUSD’s first downside is the support of 1. 2804 daily and then the rand rate of 1.28.