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DAILY TECHNICAL ANALYSIS FOR NOVEMBER 26, 2021

EUR/USD

Current level – 1.1217

The dollar continues to appreciate against the common European currency and has reached a local bottom at 1.1185. At the time of writing, the currency pair is trading in a consolidation phase in the zone between 1.1185 and 1.1230. The expectations are for the pair to retest the support at 1.1185, and to possibly head towards 1.1125. In the positive direction, the first resistance lies at 1.1230.

GBP/USD

Current level –  114.96

The currency pair entered a corrective phase following the unsuccessful attempt at breaching the resistance at 115.50 and, at the time of writing, it is confirming a breach of the support level of 114.89. If the breach doesn’t happen, then the correction could develop further and the pair could move towards the support zone at 114.20. In case the support at 114.89 manages to withstand the bearish attack, then the uptrend should be restored and the Ninja should head towards another test of 115.50.

GBP/USD

Current level – 1.3302

During yesterday’s trading session, the breach of 1.3350 was confirmed and the Cable is now headed towards a test of the next support level at 1.3300. A breach of this support would boost the negative sentiment and pave the way for the pair towards 1.3200. In case the support level of 1.3300 manages to withstand the bearish pressure, then the pair would probably enter a correction phase, which should remain limited below the resistance level of 1.3500.

Gold price attempts to recover

Gold price trades with clear positivity now, to test 1797.00 level and attempts to breach it, which urges caution from the upcoming trading, as the price needs to hold below this level to keep the bearish trend active, which targets 1770.00 mainly.

Note that breaching 1797.00 and holding above it will push the price to achieve additional gains and test 1825.15 before any new attempt to decline.

The expected trading range for today is between 1780.00 support and 1815.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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