GBPUSD Analysis 19.11.2018

The British pound rose during the US session in corrective action following yesterday's worst daily performance in two years against the US dollar amid a lack of economic data by the British Royal economy in the last session of the week and following the developments and economic data that followed Friday on the US economy, the largest economy in the world.

Today, at the opening of the Asian session, we saw sterling open on a price gap at 1.2841.

Technical analysis:

GBPUSD is trading below the 1.2800 level, so the negative pressure remains intact, awaiting a move towards 1.2636, which is our next main target, while noting the importance of stability below 1.2962 to sustain the suggested bearishness.

Trades below the moving averages 20-50 which is negative pressure on the price and push it to the downside and break the moving average 7. At the same of the time the Stochastic is showing a bearish cross.

The trading range for today is expected among 1.2680 support and 1.2850 resistance.

Support and resistance:

Support: 1.2800-1.2746-1.2680;

Resistance: 1.2850-1.2896-1.2930-1.2978.

The general trend for today is bearish.