DAILY TECHNICAL ANALYSIS FOR NOVEMBER 21, 2022
Current level – 1.0283
During the past week, the movement of the currency pair remained in the range between the levels of 1.0271 and 1.0480.The support at 1.0304 was tested and for now the price manages to hold below it. If the breakout is successful and the next support at 1.0271 is also broken, we are likely to witness the start of a downward movement towards the support at 1.0192. However, a possible break of resistance at 1.0406 could be a signal that the bulls are not over.
Current level – 140.50
During the last session, there was a consolidating movement of the currency pair between the support level at 138.88 and the resistance level at 140.72. This shows that the corrective phase in which it is, may be coming to an end. A successful break at 140.78 can be taken as a signal that the bulls are taking control again and the upward trend is resuming. Otherwise, if the support at 138.78 is overcome, this could be considered a deepening of the correction to the zone at 137.62.
Current level – 1.1830
Trading in the past session was calm, but the price of the currency pair failed to hold above the support at 1.1863. A signal that buyers may return to the market for a longer period would be a new test and break of the resistance at 1.1863 and 1.1955. If this does not happen and the important supports at 1.1758 and 1.1642 are overcome, the pound is likely to continue the negative movement.
Midday update for Gold
Gold price managed to break 1746.40 level and hold below it, reinforcing the expectations of continuing the bearish trend efficiently for the rest of the day, opening the way to head towards our next negative target at 1721.65, to keep the bearish trend scenario dominant conditioned by the price stability below 1746.40.
The expected trading range for today is between 1720.00 support and 1760.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis