#GBPUSD: The Weekly #Bullish Engulfing Adds to Positive Near-term Outlook (11 NOVEMBER 2022)

Posted by Clara Mellor on 04:55 with No comments

Cable keeps positive tone following Thursday’s 3.3% rally, which generated an additional bullish signal on close above descending 100DMA (1.1658).

Weaker dollar keeps pound inflated and bulls focus target at 1.1834 (Fibo 76.4% of 1.2293/1.0348), the last obstacle en-route to psychological 1.20 barrier.

Bullish daily techs are additionally supported by formation of bullish engulfing pattern on weekly chart, though a pause for consolidation on overbought conditions / partial profit-taking cannot be ruled out.

Broken 100DMA offers immediate support ahead of broken Fibo 61.8% (1.1550) and 1.1500 level which should keep the downside protected and offer better buying levels.

Res: 1.1770; 1.1834; 1.1900; 1.2000.
Sup: 1.1658; 1.1645; 1.1550; 1.1500.



For more forex gold Indices analysis, Signals, and Account management services text me on my telegram: Claramellor

Best Forex Signal telegram

Forex Account Management Services

#Singapore #Dubai #Brasil  #UAE #USA #Amsterdam #Brussels #Dublin #Lisbon #London #Paris #fx #fxinvestment #fxanalysis #fxtrader #scalping #xauusdgold #xauusdsignal