FX.co ★ GBP/USD. Technical Analysis for the Week of November 10–15

Trend AnalysisThis week, the price — starting from 1.3160 (the closing price of the last weekly candle) — may continue its downward movement toward 1.2942, which corresponds to the 50% retracement level (red dotted line). Upon testing this level, the price may rebound upward toward 1.3044, a historical support level (light blue dotted line).

Fig. 1 (Weekly Chart)

Comprehensive Analysis:

• Indicator analysis — downward
• Fibonacci levels — downward
• Volume analysis — downward
• Candlestick analysis — downward
• Trend analysis — downward
• Bollinger Bands — downward
• Monthly chart — downward

Overall conclusion from the weekly GBP/USD analysis:During the week, the price will most likely exhibit a downward trend, with no upper shadow on the weekly black candle (Monday — downward movement) and the presence of a lower shadow (Friday — upward movement).

Alternative Scenario:

From the level of 1.3160 (the closing price of the last weekly candle), the price may continue moving downward toward 1.2900, a historical support level (light blue dotted line). Upon reaching this level, the price may begin moving upward toward 1.2943, the 50% retracement level (red dotted line).