GBP/USD: Technical Analysis and Trading Recommendations_11/10/2021
Currently, GBP / USD is traded near 1.3532 mark, in the mid-term bear market zone. In case of further decline, the nearest target will be the key support level 1.3390 (ЕМА200 on the weekly chart), which separates the long-term bull market from the bearish one.
Since the beginning of June, GBP / USD has been declining within the descending channel on the weekly chart. A breakdown of the support level 1.3210 (the lower border of the descending channel on the weekly chart and the Fibonacci level 23.6% of the correction to the decline of the GBP / USD pair in the wave that began in July 2014 near the level of 1.7200) will finally return GBP / USD to a long-term bear market.
In an alternative scenario, GBP / USD will resume its growth. The first signal to resume buying will be the breakdown of the short-term important resistance level 1.3593 (ЕМА200 on the 1-hour chart), and the breakdown of the key resistance levels 1.3700 (ЕМА200 on the daily chart), 1.3735 (ЕМА144 on the daily chart) will create preconditions for further growth of GBP / USD in the side of resistance levels 1.3900, 1.3970 (Fibonacci 38.2%), 1.4000.
Support levels: 1.3430, 1.3390, 1.3210
Resistance levels: 1.3593, 1.3640, 1.3664, 1.3700, 1.3735, 1.3832, 1.3900, 1.3970, 1.4000
Sell Stop 1.3465. Stop-Loss 1.3605. Take-Profit 1.3430, 1.3390, 1.3210
Buy Stop 1.3605. Stop-Loss 1.3520. Take-Profit 1.3640, 1.3664, 1.3700, 1.3735, 1.3832, 1.3900, 1.3970, 1.4000