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The British pound (GBP/USD) has managed to break through the trend channel formed since October 26. At the opening of the Asian session, it was trading above the 21 SMA and below the top of the secondary uptrend channel.
The main trend according to the daily chart is bearish. As long as it remains below the 200 EMA located at 1.3589, any correction will be an opportunity to continue selling GBP/USD.
The secondary trend formed since November 10 is bullish. For GBP/USD to maintain this trend in the coming days, it should be trading above 6/8 of murray and above the SMA of 21 located at 1.3458
The eagle indicator is giving a positive signal that supports our bullish outlook for the next few days. You can buy as long as the pound is trading above 1.3423 with the targets at 1.3549 and up to 1.3589 (EMA 200).
The market sentiment report for today, November 19, shows that there is 69.74% of operators who are buying the GBP/USD pair. This data provided a negative sign and we could expect a recovery to 1.3589. Then, the price may again resume its downward movement with the target at 1.3305 (5/8).
Our trading plan is to buy above 1.3458 with the targets at 1.3549 and up to 1.3589, a rebound around the 21 SMA located at 1.3458 will be a signal to buy the pound again with targets at EMA 200.
Support and Resistance Levels for November 19 - 22, 2021
Resistance (3) 1.3588
Resistance (2) 1.3549
Resistance (1) 1.3512
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Support (1) 1.3462
Support (2) 1.3437
Support (3) 1.3412
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A trading tip for GBP/USD for November 19 - 22, 2021
Buy above 1.3458 (SMA 21) with take profit at 1.3549 (7/8) and 1.3589 (EMA 200), stop loss below 1.3415.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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