FX.co ★ Technical analysis of GBP/USD for November 27 to December 1

Trend analysis

GBP/USD may continue moving upwards this week, starting from the level of 1.2599 (closing price of the last weekly candle) to the 61.8% retracement level of 1.2746 (red dashed line). Upon reaching this price, the pair will go towards the 76.4% retracement level of 1.2898 (red dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

Conclusion: The indicators point to an upward movement in GBP/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).

Therefore, during the week, pound will rise from 1.2599 (closing price of the last weekly candle) to the 61.8% retracement level of 1.2746 (red dashed line), and then go to the 76.4% retracement level of 1.2898 (red dashed line).

Alternatively, it could move upwards from 1.2599 (closing price of the last weekly candle) to the 61.8% retracement level of 1.2746 (red dashed line), followed by a decline to the 50.0% retracement level of 1.2622 (red dashed line).