GBPUSD Technical Analysis Report for the Week Ahead – 19/11/2017
Weekly Chart (1.3216)
As per the weekly chart we can notice that for the past few weeks the GBPUSD is appreciating and moving in a upward trend. Currently GBPUSD is moving in a narrow range and is indecisive phase. This is phase of caution and indicates a wait and watch strategy. As per the resistance and support levels we can expect the currency pair to appreciate further from its current level in the short term, may be up to 1.3480 where there is a strong resistance as per Ichimoku kinko hyo indicator. Breakout above this level may trigger further buying pressure and the currency pair may appreciate further to its next resistance levels of 1.3876. GBPUSD is having strong support near 1.2738 and 1.2678 levels and breakout of these levels may trigger further selling pressure and the currency pair may depreciate to its next support levels of 1.2238.
So as per the technical analysis our strategy for the next few days should be:
Sell at 1.3220, Stop at 1.3260, Target at 1.3255, 1.3026 Buy above 1.3272, Stop at 1.3232, Target at 1.3478, 1.3876 Sell in between 1.3480 – 1.3510, Stop at 1.3540 and Target at 1.3026, 1.2738, 1.2678, 1.2238, 1,2124 Buy at 1.3030, Stop at 1.2990 and Target at 1.3478, 1.3876, 1.4235, 1.4684, 1.4983 Sell below 1.2990, Stop at 1.3030 and Target at 1.2738, 1.2678, 1.2238, 1.2124, 1.1960 Buy above 1.3540, Stop at 1.3500 and Target at 1.3876, 1.4235, 1.4684, 1.4983, 1.5193