GBP/USD. Technical Analysis for the Week of November 24 to 29

[Ben Graham]

Trend Analysis.

This week, the price at the level of 1.3096 (the closing of the last weekly candle) may begin to move upwards with a target of 1.3270 – a historical resistance level (blue dashed line). When testing this level, the price may pull back down to a target of 1.3224 – the 8-period EMA (blue thin line).

Comprehensive Analysis:

• Indicator analysis – up;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – up;
• Trend analysis – up;
• Bollinger Bands – up;
• Monthly chart – up.

Conclusion from Comprehensive Analysis: Upward trend.

Overall assessment of the GBP/USD weekly candle calculation: the price is most likely to have an upward trend this week, with the absence of a first lower shadow on the weekly white candle (Monday – upward) and the presence of a second upper shadow (Friday – downward).

Alternative Scenario: The price from the level of 1.3096 (the closing of the last weekly candle) may begin to move upward with a target of 1.3224 – the 8-period EMA (blue thin line). Upon reaching this line, a downward price movement to the target of 1.3142 – the 38.2% retracement level (red dashed line) is possible.

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