GBP maintains the upward path 30/11/2023

The technical outlook for the British pound against the US dollar has remained unchanged, with no significant shifts in its movements, sustaining positive stability above 1.2665.

From a technical perspective, we maintain a positive stance in our trading analysis. This is underpinned by the ongoing support provided by the simple moving averages, coupled with the confirmed breach of 1.2635—the previously surpassed resistance now functioning as a support level.

As a result, the prevailing expectation is an upward trend during the day. However, a crucial condition is the consolidation of prices above 1.2730, serving as a catalyst that augments the likelihood of an ascent towards initial targets at 1.2760 and 1.2810. Subsequent gains might extend towards 1.2870.

In contrast, the closure of at least a one-hour candle below 1.2630 delays the prospects of an ascent, though it doesn’t annul them. In such a scenario, there may be a retest of 1.2560 before renewed attempts to rise again.

Caution: Today, there is anticipation for high-impact economic data from the US, specifically the annual “Core Personal Consumer Expenditure Price Index.” As a result, heightened volatility could be witnessed upon the release of this news.

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: 1.2665	R1: 1.2760
S2:  1.2630	R2: 1.2810
S3: 1.2560	R3: 1.2850