British Pound

Sterling Technical Analysis Report 23 November, 2020

  • GBPUSD broke key resistance level 1.330
  • Likely to rise to 1.350

Sterling continues to rise inside the C-wave of the intermediate ABC correction (2) – which earlier today broke through the key resistance level 1.3300 (which reversed the previous minor impulse wave (i)) and the resistance trendline of the daily up channel from the end of September. The breakout of these resistance levels should accelerate the active short-term impulse wave C.

Given the clear daily uptrend and the rising bullish sterling sentiment on hopes for the progress in the on-going Brexit talks  – GBPUSD can be expected to rise further toward the next resistance level 1.350 (top of the daily reversal pattern Shooting Star from the start of September). The resistance level 1.350 is also the target price for the completion of the active waves C and (2).

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