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Abstract:Is GBP/USD likely to gain a foothold, or is it prone to a rate change?
The GBP/USD weekly forecast is mildly bullish. However, the bid tone dented as the pared lost some gains on the close.
The pound sterling lags behind competitors when it comes to profiting from the dollars sell-off. So is GBP/USD likely to gain a foothold, or is it prone to a rate change? The next steps will be determined based on data from both sides of the pond.
GBP/USD Weekly Technical Forecast: 1.3800 Remains The Key
the GBP/USD pair posted gains below the 1.3900 handle and pared off the gains. The price closed the week around mid-1.3800. The price posted an up bar on Friday, closing below the middle on a very high volume. It is very likely to have a downside retracement in the following week. As long as the price stays below the 1.3900 mark, bears will aim for 1.3800 ahead of 1.3770. However, the congestion of 20, 50 and 200 DMAs at 1.3800 may support the pair.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
On Wednesday, November 17, we expect movement inside the channel, limited by the levels of 1.3346 and 1.3508.
Today the GBP/USD pair downward trend continues. Therefore, in case of overcoming the level of 1.3517, the downward movement may continue with the next target of 1.3424.
The British Pound marked a third consecutive weekly decline against the US Dollarthis week with GBP/USD nearly 0.5% to trade at 1.3671 ahead of the close of US trade on Friday.
GBP/USD remains on the back foot around monthly low. Downside break of two-month-old support, bearish MACD favor sellers. 200-day EMA adds to the upside filters, 61.8% Fibonacci retracement offers extra support.