GBP / USD talking points:
- It was a good start to November as the GBP / USD pair rose 3.59%
- GBP / USD has encountered stiff resistance in the $ 1.33 area which has now retained two different inflections – can bulls break through?
GBP / USD bullish trend re-engages with resistance
So far, November has been a strong month for the British Pound, particularly against the US Dollar, with GBP / USD rising 3.59% from the November 2 lows. The psychological level at $ 1.33 was tested last week; but buyers had little tolerance for momentum above that price and the pair quickly pulled out.
But that pullback was met with a higher low, just above the $ 1.31 level before last week’s close, and buyers jumped back this week to pose another test of the grip. of $ 1.33. This second test took place yesterday and, again, buyers had little tolerance for the bullish momentum above the $ 1.33 handle, and price action retreated again.
The big question at this point is whether this setback turns into something more; or if this is just another case of buyers reloading the offer before laying a third test of the $ 1.33 handle.
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