FX.co - GBP/USD analysis for Novemeber 15, 2022 - Breakout of the bull flag pattern to the upside

15 November 2022 at 8:11AM (UTC+0)

Relevance until16 November 2022 at 8:11AM (UTC+0)

Technical analysis:

GBP/USD analysis for Novemeber 15, 2022 - Breakout of the bull flag pattern to the upside

GBP/USD has been trading upside. I found breakout of the bullish flag pattern in the background, which is good sign for the further growth.

Trading recommendation:

Due to the strong upside pressure in the background and breakout of the bull flag pattern, I see potential for the further growth.

Watch for the potential buying opportunities on the intraday dips with the upside objective at the price of 1.2290.

MACD oscillator is showing fresh upside momentum, which is strong sign that buyers are in control.

Key support is set at the price of 1.1700

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD analysis for Novemeber 15, 2022 - Breakout of the bull flag pattern to the upside