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Nov 18 - 06:55 AM

GBP/USD - COMMENT-December Could Be Significant For Sterling

By Peter Stoneham  —  Nov 18 - 05:25 AM

Sterling is carving out a significant month's activity, underpinned by a weaker dollar, Brexit optimism and vaccine hopes.

Longer-term and sterling could be laying down the foundations of an early 2021 bull trend.
November price action has climbed inside the monthly Ichimoku cloud, 1.3227-1.4342.
The market last closed inside the cloud in December 2019 and before that July 2015.
Both times the advantage was immediately lost.

If sterling can hold the monthly cloud break through December, the trending market could look to the April 2018 highs above 1.43.
A major 50% Fibonacci retrace level off the 1.7192-1.1413 July 2014 to March 2020 drop is at 1.4303.

GBP/USD is set for a fourth consecutive daily bull close as it begins to trend higher.
A series of falling significant daily highs, 1.3516, 1.3481 and 1.3322, have kept the bulls in check.
However, as pressure begins to build for a run at last week's 1.3322 peak, the technical picture is changing.

For more click on FXBUZ








GBP/USD monthly Ichimoku chart: Click here

GBP/USD Monthly chart with Fibonacci lines: Click here

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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