GBP trying to stabilize above support 28/11/2022

Narrow sideways trading dominated the movements of the pound sterling against the US dollar at the end of last week’s trading during the market holiday.

Technically, we tend to be positive, but with caution, relying on the pair maintaining positive stability above the support level of 1.1990, as we find attempts by the 14-day momentum indicator to obtain enough bullish momentum to push the price to the upside.

The expected slope is bullish, and targets start at 1.2110/1.2100 as a first target, knowing that consolidation above the mentioned level is a catalyst that enhances chances of visiting 1.2170.

Only from below, the return of stability in daily trading below 1.1990 leads the pair to enter a downward path, targeting 1.1960 & 1.1900.

Note: Today is a holiday in the US markets due to Thanksgiving. We may witness a decline in trading volumes and a decrease in liquidity levels, leading to irregular movements.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2000	R1: 1.2110
S2: 1.1960	R2: 1.2175
S3: 1.1895	R3: 1.2220