ALB Limited 20.11.2020

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.

Tags: Chart of the Day, GBPUSD

RISK PROBABILITY: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64.99% of retail investor accounts lose money when trading CFDs with ALB Limited. These products may not be suitable for all investors. Please make sure that you fully understand the risks involved and seek independent advice if necessary. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The value of your investment may go down as well as up.

NEGATIVE BALANCE PROTECTION: Please see your rights here as a retail client.