GBPUSD Daily Analysis – November 23, 2017

GBPUSD extended its upside movement from 1.3039 to as high as 1.3329, facing the key resistance at 1.3337. Above this level could trigger further upside movement to 1.3470 area. Near term support is at the bottom trend line of the price channel on the 4-hour chart, followed by 1.3205. Below here will indicate that the upside movement is complete, then another fall towards 1.3027 support could be seen. A breakdown below this level will indicate that the downtrend from 1.3657 (Sep 20 high) has resumed, then the following downside movement could take price towards next support level at 1.2774.

GBPUSD 4-hour chart