Currency pair Pound/Dollar GBP/USD continues to move as part of the fall and the formation of the “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3626. Moving averages indicate a short-term sideways trend. Prices broke through the area between the signal lines downward, 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 reduce the price of the British Pound against the US Dollar and test the support area near the level of 1.3550. Where again can we expect a rebound and a continuation of the rise in quotations of the British Pound against the US Dollar. The goal of the growth of the pair and the development of the “Head and Shoulders” model, in the framework of the Forex forecast for November 5, 2021, is the area at the level of 1.3995.
GBP/USD Forecast Pound Dollar November 5, 2021
An additional signal in favor of reducing the currency pair will be a test of the support line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the “Head and Shoulders” pattern. Cancellation of the growth option for the Pound/Dollar pair will be a fall and a breakdown of the support area with the price fixing below 1.3375. This will indicate a breakdown of the support area and the continuation of the fall of the Pound/Dollar pair to the area at 1.3165. It is worth waiting for confirmation of the rise in the pair with the breakdown of the resistance area and closing of the price above the level of 1.3845, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
GBP/USD Forecast Pound Dollar November 5, 2021 suggests an attempt to test the support area near the level of 1.3550. Then, continued growth with a target above 1.3995. An additional signal in favor of a rise in the British Pound will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 1.3375 area. This will indicate a continued decline in the pair with a potential target below 1.3165.
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