GBP is the best against USD 27/11/2023

The British pound surged against the US dollar, achieving significant gains as anticipated, and reaching the initial target at the price of 1.2610, with the highest recorded level at 1.2615.

From a technical standpoint today, we are inclined towards a positive outlook, supported by the pair’s foundation on the robust support level at the price of 1.2545. The continued provision of positive incentives from the simple moving averages further backs the continuation of the upward trajectory.

Hence, the most probable scenario for the day is an upward trend, targeting 1.2640 and 1.2670 as the next objectives, with potential gains extending further to 1.2710.

Closing at least an hour candle below 1.2540 may postpone the likelihood of an upward movement but does not eliminate it entirely. In such a case, a retest of 1.2460 may occur, followed by subsequent attempts to resume the upward trend.

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: 1.2545	R1: 1.2640
S2:  1.2490	R2: 1.2670
S3: 1.2455	R3: 1.2730