GBPUSD Week Ahead Forecast - Saturday, November 25
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Video Length: 00:07:52
GBPUSD has made a breakout to the upside above the 1.24630 level. This is the result of the buying power that started from the 1.22000 support level a few weeks ago.
The price is currently at the 1.26116 resistance level where I am expecting the price will retrace slightly before continuing the move up. This is the weekly resistance level and the past level acted as a strong barrier for the price.
The retrace could move down to 1.25000 which is the start of the demand zone. It is a zone where buyers are waiting and we can expect the price to return to the upside at that level.
The price has gone outside of the small uptrend channel which gives more confidence that the market is in the bullish momentum that will be hard to stop. After the price makes a breakout to the upside around 1.26116 we can expect the price to move to 1.27000 as the first target. After that, the retrace to 1.26600 is likely before continuing the move to 1.27814 as the next supply zone that needs to be broken.
Monthly and weekly time frames also showed bullish momentum that will likely continue so we can expect the price on the higher levels.
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Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. ...
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