FX.co ★ dusty24 | GBP/USD

Hello traders, Looking at the 4-hour chart of GBP/USD, it's clear that there's no need to overthink things. There's a clear 123 pattern that has completed, indicating that the price should now head downwards towards the support level at 1.3400 and further down to the target at 1.3355. Up until yesterday, this scenario would have been flawless. However, due to the events surrounding Venezuela, it's now really difficult to predict where the price will go. If oil prices rise, it means that oil-related currencies may also increase. This implies that the pound could strengthen. But the behavior of the dollar is still unclear. Some experts are forecasting a short-term strengthening of the dollar, which would mean a downward movement for this pair. However, there is no unanimous opinion among experts.