Forex Trading: GBPUSD Technical Analysis – November 29, 2019

The Great Britain Pound (GBP) increases against the US Dollar (USD) today with a price tag of more than 1.2900 following a major economic release. Since the price printed a lower high in the recent downside move, the technical bias seems to remain bullish.

GBP/USD: Technical Analysis

The GBPUSD  is being traded for a price near 1.2939 with around three resistance levels ahead. The price is likely to come across the first resistance level around 1.3027 which may force the price to stay below the said level. The price may then be subjected to a psychological level around 1.3100 ahead of 1.3381, the high of March 13, 2019, as shown in the graph below.

GBPUSD

Moving toward the downside, a support level may hit the price near 1.2837, the key horizontal support level which may prevent the price from decreasing further. Another support level may be seen around 1.2526, the trend line support level and then the 23.6% Fib level stands around 1.2294. The technical bias may follow the bullish trend unless 1.2837,  the major support level remains intact.

GBP Gross Domestic Product

From the Fundamental point of view, The GDP report published by the National Statistics provides a comprehensive overview of all factors and benefits provided by the UK. GDP is known to be a large proportion of the UK’s financial activities. In general, a rising trend positively affects the GBP, while a dropping pattern is perceived as negative (or bearish). According to the reported figures, in November it is 0.3 percent, compared to -0.2 percent in the previous month, yet did not meet economists ‘ estimates of 0.4 percent.

Trade idea

Trading GBPUSD around the current level can be a decent choice, while traders who wish to take a long position may try their fate.

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