Technical Update For Important GBP Pairs: 22.11.2018

GBP/USD

Having refrained to dip beneath the upward slanting support-line stretched since mid-August, the GBPUSD is likely targeting the 1.2930 resistance-mark but the 1.3000-1.3010 confluence-region, including 50-day & 100-day SMA, might confine the pair’s following upside. Should prices rally beyond 1.3010, the 1.3070 and a descending resistance-line, at 1.3140, adjacent to another one at 1.3220, may challenge the buyers prior to pleasing them with 200-day SMA level of 1.3350. Meanwhile, a D1 close beneath 1.2715 opens the gate for the pair’s drop to 1.2660 and then to the 1.2600 round-figure. Moreover. pair’s sustained downturn below 1.2600 might not hesitate highlighting the 61.8% FE level of 1.2465.

EUR/GBP

Failure to hold the TL breakout drags the EURGBP to 0.8850-45 support-zone, break of which can push sellers to demand 0.8820 & 0.8800 but the 0.8775-70 area could try limiting the pair’s further declines. In case the quote keep trading southwards past-0.8770, the 0.8720, the 0.8690 and the 0.8650 may prove their importance as consecutive supports. Given the pair’s reversal from current levels, the 0.8920 & the 0.8935-40 might trouble immediate advances, breaking which 0.8970 & 0.9000 could appear on the Bulls’ radar.

GBP/AUD

Even if 1.7820 seem easy break for the GBPAUD, pair’s present rise might find it hard to surpass the 1.7940-50 confluence that encompasses 200-day SMA & near-term descending trend-line. If at all the pair manages to conquer the 1.7950 barrier, the 1.8000, the 1.8060 and the 1.8165-70 can question its additional strength. Alternatively, the 1.7570 & 1.7470 could become adjacent halts for the pair during its pullback ahead of diverting market attention to 1.7360 support-line. Though, a daily closing below 1.7360 can make the pair vulnerable enough to plunge towards the 1.7270, the 1.7210 and the 1.71000 rest-points.

GBP/NZD

Like all other GBP pairs, the GBPNZD also portrays recent surge of the Pound that can fuel the pair in direction to 1.9060 and the 1.9180 resistances whereas 1.9265-70 and the 200-day SMA level of 1.9410 might threaten the quote’s rally afterwards. Assuming the pair crosses 1.9410 then it can aim for 1.9550 & 1.9640 numbers to north. On the downside, the 1.8620-10 may continue restricting the pair’s immediate declines, breaking which there are multiple supports in the 1.8510-1.8500 area. Given the Bears dominate sentiment below 1.8500, the 1.8380 & 1.8320 can be their favorites.