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Weekly outlook for the GBPUSD pair. Analysis with the key events for the week ahead, and possible trading ideas.

GBP USD Forecast Nov. 1st to Nov. 5th Messages in this topic - RSS

What's your view on the GBPUSD for the week Nov. 1st to Nov. 5th?

Bearish:3
Bullish:1
John Lee Rossi
John Lee Rossi
Administrator
Fundamental & Technical Research
Posts: 12


11/1/2021
John Lee Rossi
John Lee Rossi
Administrator
Fundamental & Technical Research
Posts: 12
GBPUSD Forecast Nov. 1st to Nov. 5th

If you followed our EURUSD analysis on the other thread, we have decided to leave EURUSD aside for the time being until price action shows how the current trend evolves and will focus on the GBPUSD this week, with a solid technical signal down, shown on Friday afternoon as depicted in the chart at the bottom.

The daily chart on Cable shows a clear downtrend with numerous support and resistance levels already established. The sharp USD movement on Friday afternoon led the pair to close below its 21 EMA, indicating further movement to the downside.

The eventual leg down could get corrected around the 1.358 area, near the previous consolidation support on the upwards leg and the second support on the main trend. The logical stop loss would be located at the 1.3840 area, where the pair has shown resistance and consolidation for several days.

The pair should eventually revisit the third support point at around 1.3420; however, consolidation in the area between this point and 1.3570 without clearly reaching the previous low could lead to a reversal. Revisiting the previous low will likely take more than 1 week; we will monitor how this trade develops and share our findings with you.

Always remember to trade with low leverage and use proper risk management strategies.

--
An investment in knowledge pays the best interest - Benjamin Franklin

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G-lady
G-lady
Posts: 1


26 days ago
G-lady
G-lady
Posts: 1
John Lee Rossi wrote:
GBPUSD Forecast Nov. 1st to Nov. 5th



WOW! Very nice forecast, spot on.Woo Hoo!

I did enter short this week on your recommendation. After BoE news and market crash I decided to keep the position open after reaching 1st TP 1.357. Do you think it will reach the 2rd TP 1.342? Shall I keep it open or close before next week?

Thank you Greedy Guts
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