GBP/USD forecast - page 124

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Day start S&R levels for 9/nov/18


Sellers are in control & Cable will be looking to test 1.3000

 
Pounds under pressure after Jo Johnson resigns over Brexit. With no Brexit deal at sight, GBP/Usd could remain in the negative territory. Next support level can be found around 1.2940 level.
 

Levels for day starting 11/nov/18



On Friday we saw cable drop to 1.2990 as expected before bouncing and testing the 1.3050. A further drop from there to take out the days low and closed just above the 1.2963 level.

Sunday opened with a gap and currently sitting on the 1.2929 level as I write. Buyers are lined up @ 1.2912 with more @ 1.2898. Should the sellers absorb the volume there, I don't see them getting through  1.2840 by end of day.

A bounce of some sort is expected & I will be looking for a buy signal . Sellers may kick back in @ 1.3000 all the way to 1.3044 where I will look for a reverse signal

 
GBP/Usd started the week with a bearish gap and downward movements continue on Brexit disappointment. In the H4 chart, the pair is consolidating around 1.2840 before the further decline as long as the Irish border problem stays unsolved.
 

End of day 



Monday trading saw cable carry on dropping after it opened on sunday with a gap down. As expected, it tested the 1.2840 level and buying volume sent it back to test the 1.2928 level. A 2nd test of 1.2840 is where we see the day close.

Below is the chart with S&R levels for 13/nov/18



Cable is still in a down trend. The bounce from 1.2840 was not strong enough to even fill the weekend gap. Sellers are now sitting tight @ 1.2945 & 1.2973 through to 1.2990.

On the down side we have stops sitting below the low of 1.2825 & more scattered all the way down to the 1.2705 level.

 
On Monday, the pound fell to a session low of 1.2826 against the dollar - the lowest since November 1.
On Tuesday, the pound rose in price: the pair GBP / USD rose by 0.33% to 1.2891, but its growth is limited due to fears that the UK may withdraw from the EU without signing the Brexit agreement.
 
Once again, Brexit related headlines about the EU and the UK agreed on a Brexit deal have been driven the pair and hit this week high. But it is still a long way ahead of us, the deal is yet to be approved by the UK's parliament, let's see.
 
Good rally on the GBPUSD but it could leave a false breakout above the 55 day EMA and the 1.3000 level. However, if the pair continues rallying, then the 200 day EMA at the 1.3174 level could act as resistance. Below the 1.3000 level, its next support levels could be the 1.2900 level and the 1.2800.
 
GBP/USD: The pound rises in price for the second session in a row. The pound was supported by information that the European Union and the United Kingdom at the expert level agreed on the text of the Brexit agreement. The pound against the US dollar rose 0.2% during trading on Wednesday - to $1,3003 against $1.2977 at the close on Tuesday. Yesterday the British national currency has risen by 1% against the dollar.
 
The pair reached the inflection point at the 100- and 50SMA and retreated to lower levels. I'm expecting it to touch the 1.28 level briefly before continuing to the upside.
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