FX.co - GBP/USD analysis for Novemeber 17, 2022 - Breakout of the bull flag pattern to the upside

2022-11-17T07:51:52

Relevance until2022-11-18

Technical analysis:

GBP/USD analysis for Novemeber 17, 2022 - Breakout of the bull flag pattern to the upside

GBP/USD has been trading sideways at the price of 1.1918. Anyway, I see potential for the breakout of the tight range.

Trading recommendation:

Due to the breakout of the tight range and the strong upside trend in the background, I see potential for further growth.

Watch for buying opportunities with the upside objectives at 1.2030 and 1.2300

Stochastic Oscillator is showing fresh bull cross, which is good sign for the further rise.

Key support is set at the price of 1.1830

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD analysis for Novemeber 17, 2022 - Breakout of the bull flag pattern to the upside