GBPUSD november 21th 2018 price action analysis
Yesterday, with the escalation of risk aversion and a relative increase in demand for the US dollar, GBPUSD fell below 1.28. From a technical point of view, the long-term perspective of the market has not changed. The GBPUSD weekly chart is fluctuating between the demand area of 1.2814-1.2589 and the supply area of 1.3472-1.31204, and GBPUSD is on a daily chart of slightly lower prices on October 30th at 2695. Although GBPUSD’s reaction to this range is possible, the key support at 1. 2635 a day is better for entering the purchase deal. With GBPUSD reaching this key daily support, LOIs will start operating below the floor price on October 30th and August 15th at 1.261, and the liquidity needed to enter large buyers will be provided to the market. Additionally, the pattern AB = CD is also completed at 1.02614.
On the GBPUSD’s 4-hour charts, the November opening rate has been enabled at 1 2767. If the Rand rate is 1.28 in the form of resistance, GBPUSD can cross 1 2767 and reach the low of November 15 at 2723 and the rate of 1.27 Rand.
Price action strategy
While the chart of the GBPUSD’s 4-hour chart is unclear, the following four-hour graphs show a good trading opportunity of under $ 1.28 and a November rebound of 1.2767.
Closing the chart at $ 1.28 may bring GBPUSD at 1.2883 and the Rand rate of 1.29. Reactivating $ 1.28 in support can be appropriate for entering a GBPUSD purchase deal.
Another key level that could trigger trading optimism is a breakdown of 1,2767 and a rebound in resistance, which can bring GBPUSD to 1.27.