Nov. 12th – GBPUSD

On this pair we continue to wait for the price action to show us that it has completed its correction and is ready to turn bullish again. It might find support on the lower bound of the corrective channel as shown in the chart. I added our moving average template where we can see that price action is now moving in between the 200-Daily and 200-Weekly SMA. Price action should find support around the 200-Weekly moving average if it would break the corrective channel downwards.
For now, we need to stay patient and wait for confirmation that the correction has finished.