GBP jumps against US dollar 24/11/2022

The British pound jumped against the US dollar, achieving strong gains during the previous trading session. As a reminder, we pointed out that confirming the breach of 1.1930 increases and accelerates the strength of the bullish trend, so we will be waiting for 1.2000, recording its highest level at 1.2106.

Technically, the bullish direction is still the most likely, depending on the positive impulse from the simple moving averages that support the rise, in addition to the pair’s success in consolidating above the 1.1930 resistance, which now has been converted into a support level.

Therefore, the bullish scenario remains valid, targeting 1.2175 first, and the gains may extend later to visit 1.2240 unless we witness any trading below the support floor 1.1930.

Note: US markets are on holiday due to Thanksgiving and volumes are light

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: 1.1940	R1: 1.2175
S2: 1.1790	R2: 1.2260
S3: 1.1710	R3: 1.2410