Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the downward channel. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3413. Moving averages indicate a short-term bearish trend. Prices pushed down from the area between the signal lines, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt to correct the price of the British Pound against the US Dollar and test the resistance area near the level of 1.3495. Where again can we expect a rebound and a continuation of the rise in quotations of the British Pound against the US Dollar. The target of reducing the pair, in the framework of the Forex forecast for November 16, 2021, is the area at the level of 1.3095.
GBP/USD Forecast Pound Dollar November 16, 2021
An additional signal in favor of reducing the currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the descending channel. Cancellation of the option to drop the Pound/Dollar pair will be a strong growth and a breakdown of the resistance area with the price fixing above the level of 1.3635. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to the area at 1.3825. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing the price below 1.3305.
Among the important news from the UK that may affect the rate of the GBP/USD pair, it is worth highlighting: United Kingdom Claimant Count Change.
GBP/USD Forecast Pound Dollar November 16, 2021 suggests an attempt to test the resistance area near the level of 1.3495. Then, continued growth with a target below 1.3095. An additional signal in favor of a decline in the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 1.3635 area. This will indicate a continued rise in the pair with a potential target above the level of 1.3825.
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