FX.co ★ Trading forecast of GBP / USD pair on 11/27/2017

Last week, the short-term boundary was reached with the range of 1.3390-1.3358, indicating the completion of the first phase of the upward momentum. The formation of a correctional or reversal model becomes more probable to occur.

Medium-term plan.

The pair has been trading in the flat range for two months. This defines the limits of support and resistance maintaining the boundaries of October. Last week, the pair tested the October high. This can serve as a starting point in the formation of the downward movement, where the target will be the November minimum. To continue the growth, it requires a breakdown and consolidation above the weekly KZ at 1.3358-1.3390 during one of the American sessions. If this happens, the next goal of the upward movement will be the monthly KZ of November 1.3528-1.3479.

The bearish medium-term model will develop if the growth of the previous week has been maintained. This will allow the consideration of sales in the medium term and update the November low.

Intraday plan.

At the end of last week, a short-term test of 1.3390-1.3358 occurred, which led to the appearance of an offer. The closest support is the NKZ 1/4 at 1.3279-1.3271. If the pair holds above this zone, the first growth target will be to update the November high. The defining support is the NKZ 1/2 at 1.3199-1.3183. While the pair is trading above this zone, the bullish momentum remains a priority. It is important to note that NKZ 1/2 is outside the daily average, which makes its test unlikely today.

The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.

The weekly CP is the weekly control zone. The zone formed by marks from important futures market which change several times a year.

The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.