GBP/USD 2.0557 - 3 December
GBP/USD Open 2.0556 High 2.0695 Low 2.0526 Close 2.0663
The Pound made an effort to regain part of its losses from last Thursday against the US Dollar, but lost momentum at the 21 MA at 2.0700 and closed under its opening price. Today we expect resistance at 2.0665, which is 38.5% Fibonacci of the drop 2.1155 - 2.0355, followed by the 21 day MA at 2.0700, and 2.0760, which is 51% Fibonacci of the above mentioned drop. We expect support at the lowest quote from Friday 2.0530, followed by the 55 day MA 2.0490, and 2.0440, where is the upwards trend line from the middle of August till now.
Technical resistance levels: 2.0665 2.0700 2.0760
Technical support levels: 2.0530 2.0490 2.0440
Trading range: 2.0545 - 2.0630
Trend: Upward
Buy at 2.0557 SL 2.0527 TP 2.0617