GBP/USD may fall further
November 25, 2021|The Forex Secret –There are some important releases for GBP/USD this week. There is US Prelim GDP q/q, it’s the broadest measure of economic activity and the primary gauge of the economy’s health. USD Core PCE Price Index m/m, which gives important insights into consumer spending behavior. US FOMC Meeting Minutes, it’s a detailed record of the FOMC’s recent meeting, where in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates is provided. There’s also BOE Gov Bailey Speaks, as he is the head of the central bank, he can control short term interest rates, he has more influence over the nation’s currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy. Therefore, the investors may find the market a little volatile.
The week started with a bearish momentum as the bulls couldn’t hold the pressure last week. The current price of GBP/USD is trading below the 1.3412 resistance level and above the 1.3300 support level. There is a possibility that the price may fall further. Therefore, we may predict that the investors should focus on finding a sell. However, if the daily candle closes above the 1.3412 level, the sell would be invalid.
What We Can Expect from the GBP/USD?
As per the above findings, we can expect investors should focus on finding a sell as the current price is trading below the dynamic 20 EMA. We can predict that the price may go down towards the 1.3300 level. However, if the price moves up to the 1.3412 daily closed candle, the sell would be invalid and investors should focus on finding a buy.