Currency pair Pound/Dollar GBP/USD continues to move as part of the development of growth and a bullish channel. At the time of the publication of the forecast, the Pound to the US Dollar exchange rate on Forex is 1.1971. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the currency pair and a potential continuation of the growth of the instrument. At the moment, we should expect an attempt to develop a correction in the price of the British Pound against the US Dollar and a test of the support area near the level of 1.1735. Where can we expect a rebound again and the continued growth of the quotes of the British Pound against the US Dollar. The purpose of the rise of the pair, as part of the Forex forecast for November 16, 2022, is the area at the level of 1.2505.
GBP/USD Forecast November 16, 2022
An additional signal in favor of the rise of the currency pair will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the upper border of the bullish channel. Cancellation of the option to lift the Pound/Dollar pair will be a fall and a breakdown of the support area with the price fixing below the level of 1.1605. This will indicate a breakdown of the lower boundary of the bullish channel and a continued decline in the Pound/Dollar pair to the area at the level of 1.1245. It is worth waiting for confirmation of the pair’s growth with the breakdown of the resistance area and the closing of the price above the level of 1.2185.
GBP/USD Forecast November 16, 2022 suggests an attempt to test the support area near the level of 1.1735. Then, continued growth with a target near the level of 1.2505. An additional signal in favor of the rise of the British Pound will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be the fall of the Pound against the US Dollar and the breakdown of the 1.1605 area. This will indicate a continued decline in the Forex pair with a potential target below the level of 1.1245.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
