GBP/USD Weekly Forecast – British Pound Plunges for the Week

GBP to USD Forecast Video for 13.11.23

British Pound vs US Dollar Weekly Technical Analysis

The British pound has initially tried to rally during the course of the week but found enough resistance near the 50-Week EMA to turn things around. With this being the case, we are still very much in the bearish flag, and I think we’ve got a situation where the market is trying to decide whether or not they are going to break down, or if they are going to continue to consolidate.

If we were to turn around a break above the top of the candlestick for the week, then it’s very likely that the market could go looking toward the 1.25 level, maybe even the 1.2650 level after that. That being said, it would take a significant turnaround in the attitude of the British pound, or perhaps more importantly, the attitude of the United States dollar. If we break down below the bottom of the flag, it opens up a move down to the 1.20 level underneath, possibly even breaking down below that level and sending the market plunging.

Keep in mind that the markets will continue to see a lot of volatility, and a lot of concerns from the geopolitical standpoint. This does tend to help the United States dollar as it is considered to be a safety currency, but we also have to worry about higher interest rates in America, which has been one of the major drivers around the world of currencies. I think we continue to see a lot of noisy behavior, but the fact that we sold off so drastically this week shows just how hard it is going to be to turnaround the overall attitude.

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