GBPUSD Analysis 20.11.2018

London (Reuters) - The British pound fluctuated in a narrowly bullish range during the US session yesterday, completing corrective action following Thursday's worst daily loss in two years against the US dollar, following developments and economic data that followed Monday on the UK economy and its largest US economy World economy.

At 5:19 pm GMT, the GBPUSD pair rose 0.11% to 1.2848, compared with the opening levels at 1.2834 after the pair reached a high of 1.2884 and a low of 1.2795.

The UK's RTI saw a 1.7% drop from October's + 1.0%, and the annual reading of the same index dropped 0.2% from 0.9% in the previous year's reading.

Technical analysis:

GBPUSD has been trading around 1.2860 since yesterday and the price remains steady below 1.2962 pivotal resistance, so there is no change in the bearish scenario supported by the negative pressure coming from SMA 50. The Stochastic is on a sideway and does not give any clear signals, and we are waiting for a move towards 1.2636 which is our next main target.

The trading range for today is among the 1.2750 support and the 1.2920 resistance.

The general trend for today is bearish.