Oct 30, 2022
VOT Research Desk

Market Insights, Considerations & Analytics

The GBP/USD exchange rate closes off the trading week as part of the formation of a correction near 1.1549. There is still a chance that a “Wedge” reversal pattern will develop.

The two keep moving down the falling river. A gloomy trend is indicated by moving averages. Prices are once again probing the area between both the forex signals, which denotes seller pressure and suggests that the British Pound may continue to decline.

At this time, we ought to anticipate an effort to form a bullish corrective and attempt the area of resistance close to 1.1585. Additionally, the Pound Dollar prices are continuing to decline and have fallen to a region underneath the value of 1.0245, as support

GBP/USD Week Ahead Prediction for the period of October 31–November 4, 2022

A test of the relative strength index’s resistance line will be another warning that the British pound is about to tumble (RSI). A rebound from the top of the descending channel will serve as the second indication. There will be a significant increase in price and a breakdown of the 1.1975 region if the option to lower the GBP/USD pair during the current trading week of October 31–November 4, 2022 is cancelled. This will signal the collapse of the resistance area and further expansion to the region above 1.2375.

The collapse of the support zone and the price closing below the level of 1.1045, which will signal the breach of the trailing edge of the “Wedge” scenario and the start of the model with targets below, will serve as confirmation of the currency GBP/decline. USD’s

Trading Technical Indicators (Weekly)

GBP/USD

Simple Moving Averages (Weekly)