Daily Market Analysis 23/11/2021: GBPUSD

Daily Analysis / Online Education

Daily Market Analysis 23/11/2021: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.34172 with take profit at 1.34318
Bearish Preference: 
Sell position is envisaged if price trades below 1.33755 with take profit at 1.33605
3:45pm USD Flash Manufacturing PMI
USD Flash Services PMI

Comment: On the other side of the US Dollar, GBP/USD could possibly hold some allure for pullback themes. The pair remains in a bull flag formation but there’s been little sign of bullish price action thus far. Even last week brought upon a quick resistance test that was followed by another influx of sellers. The price to watch at this point is the 1.3354 swing low, a breach of which opens the door for a run down to 1.3250.

Analysis: SCRUM Team

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