GBPUSD Daily Analysis – November 20, 2017

GBPUSD continued its sideways movement in a trading range between 1.3027 and 1.3337. Another rise to test 1.3337 resistance would likely be seen. As long as this level holds, the price action in the trading range could be treated as consolidation of the downtrend from 1.3657 (Sep 20 high), and further decline towards 1.2774 support is possible after the consolidation. Near term support is at 1.3125, followed by 1.3027, below these levels could signal resumption of downtrend. On the upside, a breakout of 1.3337 resistance will indicate that lengthier correction for the downtrend from 1.3657 is needed, then the following upside movement could take price to 1.3470 area.

GBPUSD 4-hour chart