FX.co ★ Trading Signal for GBP/USD for November 30, 2020: Bearish Pressure at 1.3370

The GBP/USD pair this morning of the last day of November is trading around 1.3354 at the time of writing this analysis, you can notice on the 1-hour chart that GBP/USD has a very strong bearish top at 1.3370 (line blue) and immediate support at the 200 EMA around 1.3320.

If the GBP/USD pair breaks the top of 1.3370, we should expect a pullback to buy until 6/8 of murray, a zone of strong resistance. On the other hand, if it does not break, it should go back to the support of 1.3320. This will be a good level to buy in 1-hour charts.

If the GBP/USD pair breaks the support of 1.3320 / 1.3305 (5/8 of murray) there could be a more bearish movement, until the zone of 1.3260 and 1.3211, and it could be the beginning of a change in trend.

Fundamentally, GBP/USD has benefited in recent weeks from potential progress on a COVID-19 vaccine and a 96% Brexit deal. However, some spokespersons say this should wait a few more weeks. If the Brexit deal is still delayed this week, the British pound could suffer, and a bearish movement is very likely.

Market sentiment shows that there are 39% of investors who are buying this pair. If this figure increases this week, we could see a downward movement of the pair to the levels of 1.32 and 1.31. If it remains, it is likely to continue moving within the range.

Trading tip for GBP/USD for November 30

Sell the pair bellow 1.3370 with take profit at 1.3320 (EMA 200) and 1.3305 (5/8 murray), and stop loss above 1.3397.

Buy if the pair rebound around 1.3320/1.3305, with take profit at 1.3365 (strong resistance), stop loss below 1.3270.

Sell if the pair breakout to 1.3305, with take profit 1.3250 and 1.3180, Stop loss above 1.3350.