Technical analysis for GBP/USD pair on November 17, 2021

The GBP/USD pair has been testing the Weekly Control Zone 1/4 resistance zone of 1.3446-1.3438 for three consecutive days. This makes it likely to enter the sale, with the weekly low as the first target.

The downward movement remains a strong medium-term momentum, so the search for a sell pattern is the optimal strategy. It is important to understand that there is a 70% probability of updating the daily, weekly, and monthly lows, which makes sales the most profitable. After the price reaches the extreme of the week, it is necessary to transfer transactions to breakeven.

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The second target for settling the sale will be the Weekly Control Zone of 1/2 1.3283-1.3266. It should be noted that reaching this zone will allow us to close most of the position.

It is better not to consider options with the purchase of the instrument since growth remains a corrective movement for the time being. The higher the pair is corrected, the more profitable the selling prices of the instrument will be.

The material has been provided by InstaForex Company - www.instaforex.com

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