The currency pair British Pound to US Dollar (GBP/USD) continues to move as part of the development of growth and the formation of the bearish “Wolfe Wave” pattern. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2531. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and potential continued growth of the instrument. At the moment, we should expect an attempt to develop the growth rate of the British Pound against the American Dollar and a test of the resistance area near the level of 1.2545. Where can we again expect a rebound in the pair’s quotes downward and a continuation of the fall of the British Pound currency pair against the US Dollar. The target for the pair’s decline, as part of the Forex forecast, is the area at 1.2095.
GBP/USD Forecast for November 23, 2023
An additional signal in favor of a fall in the currency pair will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the upper border of the bearish Wolfe Wave pattern. Cancellation of the growth option for the Pound/Dollar pair will be a strong growth and breakdown of the resistance area with the price consolidating above the level of 1.2675. This will indicate a breakdown of the resistance level and a continued fall of the Pound/Dollar pair to the area at 1.2965. Expect confirmation of the pair’s fall with a breakdown of the support area and closing of the price below the level of 1.2345, which will indicate a breakdown of the lower boundary of the bearish Wolfe Wave pattern.
GBP/USD Forecast for November 23, 2023 suggests an attempt to test the resistance area near the 1.2545 level. Then, continuation of the fall with a target near the level of 1.2095. An additional signal in favor of a decline in the British Pound will be a test of the resistance line on the relative strength indicator (RSI). Cancellation of the fall option will be a strong growth of the British Pound against the US Dollar and a breakdown of the 1.2675 area. This will indicate a continued rise in the Forex pair with a potential target above the level of 1.2965.
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