FX.co ★ GBP/USD: technical analysis for November 20, 2013

Overview:

• GBP/USD: The resistance has been already set at the level of 1.6216 as well as the support has been set at 1.5940 for November 20, 2013.
• Therefore, according to the previous events, the price has still been trapped between 1.6170 and 1.6115, then it should be noted that the range today will be around 93 pips.
• Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.6216. Hence, below 1.6216 look for further downside move with targets at 1.6130, if it can break the support for today (1.6100), so the price will continue towards 1.6035 today (the weekly pivot point).
• On the other hand, buy above 1.5940 in the short term of the same day with the first target at 1.60; it might resume to 1.6128 tomorrow in order to test the strong resistance of this week.

Intraday technical levels:

Date and Time: 20/11/2013 13:40

Pair: GBP/USD

• Projected High: 1.6281
• Breakout (Buy Stop): 1.6226
• Strong Resistance (Sell Limit): 1.6196
• Current Pivot: 1.6142
• Strong Support (Buy Limit): 1.6088
• Breakout (Sell Stop): 1.6063
• Projected Low: 1.6013