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Home Technical Analysis

Pound Technical Outlook – GBP/USD In Slow Grind Mode, Big Resistance Ahead

Forex Tips by Forex Tips
November 20, 2020
in Technical Analysis
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Intersection of Support & Resistance of Varying Durations
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GBP/USD Technical Outlook: Neutral

  • GBP/USD continues to rise within the confines of a channel
  • Stiff test ahead with long-term resistance not far away

GBP/USD continues to stay within the confines of an upward channel since bottoming in late September. For it to pick up momentum it will need to break out of the structure, but the caveat to a breakout of the smaller structure is there will be an even bigger obstacle to overcome.

Just ahead lies a big crossroad of resistance with a trend-line from 2007 and the 2009 low intersecting at roughly the same juncture. The turn down in September started at that crossroad; it will be interesting again to see how price might react upon a test.

The 13500 area is formidable, and if GBP/USD is to trade higher it will need to be crossed. A rejection lower won’t immediately be bearish, but suggest another sizable round of selling could be in store, so at that juncture we would want to see how price can hold up at the lower channel line.

The overall feeling for the days ahead is that risk/reward from either side isn’t particularly appealing without further clarity.

GBP Forecast

GBP Forecast

Recommended by Paul Robinson

Check out the Q4 GBP Forecast

GBP/USD Daily Chart (rising within confines of a channel)

GBP/USD daily chart

GBP/USD Monthly Chart (big long-term resistance)

GBP/USD monthly chart

GBP/USD Charts by TradingView

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—Written by Paul Robinson, Market Analyst

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