Currency pair Pound Dollar GBP/USD ends the trading week near the 1.3430 area. The pair continues to move within the fall and the downtrend channel. Prices have broken down the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the British Pound against the US Dollar at current levels. At this point, we should expect an attempt to correct and test the resistance area near the level of 1.3565. Further, a rebound down and the continuation of the fall in the Pound/Dollar quotes to the area below the level of 1.2495.
GBP/USD Forecast and Analysis November 8 — 12, 2021
An additional signal in favor of the fall of the British Pound will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the GBP/USD pair in the current trading week November 8 — 12, 2021 will be a strong growth and a breakdown of the 1.3935 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.4305. Confirmation of the fall in the GBP/USD currency will be the breakdown of the support area and the closing of the price below 1.3205, which will indicate the price going beyond the bullish channel.
Among the important news from the UK that may have an impact on the Pound/Dollar rate, it is worth highlighting: United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) q/q.
GBP/USD Forecast and Analysis November 8 — 12, 2021 suggests an attempt to rise and test the resistance level near the 1.3565 area. Where can we expect the currency pair to continue falling with a target above the 1.2495 area. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to drop the pair Pound/Dollar will be a strong growth and a breakdown of the level of 1.3935. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.4305.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
