FX.co ★ IgniteTrade | GBP/USD

GBPUSD Forecast: Hi, We see a downward trajectory for the GBP/USD. With volatility on the rise and weak retail sales in the US, the greenback is on the defensive. However, prices remain above the Ichimoku Kinko Hyo cloud and the Tenkan-sen and Kijun-sen resistance levels. The pair has plenty of upside potential as the CCI is in extremely overbought territory, but it has yet to cross oversold territory. It will be helpful for the GBP/USD to continue its upward trend if it dips a little bit. 1.36294 has remained the GBP/USD's short-term resistance level. If this support level is broken, the larger downward trend that began at 1.36694 will resume. When this support is broken, short-term bottoming will be confirmed. A breakout of the 100-day EMA will shift the intraday bias to the upside.

GBP/USD news is usually more bearish in the morning than at night. Recent days have seen the GBP/USD pair fluctuate between 1.37044 and 1.37244. Nonetheless, it has held stability below 1.36824 and crossed above the stochastic indicator recently. Therefore, the pair is likely to recover over the next few days. A Breakout of the 61.8% projection from 1.36544 to 1.36894 would confirm a short-term bottom. According to the RSI, the index is above the signal line and indicates a further decline. A MACD crossing above the signal line indicates a bearish turn. As long as the RSI rises, we might see further declines, with 1.36324 as a target. Breaking 1.37014 would also restart 1.36504 larger downtrend.