Pound Is Rushing to the Upside
The GBPUSD has faced significant pressure over the past six weeks, dropping 5.5% to 1.25920 since early October, marking its lowest level since May 15. The pair has now reached a strong trend support zone at 1.25000-1.26000 and is showing signs of recovery.
Oversold conditions are substantial, positioning the pair for a potential rebound. On November 18, GBPUSD gained 0.6% to 1.26800, marking its strongest single-day rise in two weeks and signaling the possibility of a reversal.
Upside targets appear promising, with the potential for GBPUSD to rise toward the middle of the ascending channel at 1.32000-1.32500. Considering the current conditions, opening a long position remains timely. However, given the Cable’s well-known volatility, I plan to enter a long trade at 1.26500-1.27500, setting a stop-loss at 1.24200 to manage risks effectively.
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