GBP/USD: forecast for November 16-22
By Kira Iukhtenko
British currency remains highly volatile: GBP/USD has recovered 50% Fibonacci from the early November rally. Buyers faced resistance at 1.5250. You may see a symmetrical triangle on the H4 chart.
We see two ways to trade the cable on the new week. According to the first scenario, the pair will resume the decline. In this case, we advise selling from 1.5170 with a medium-term target at 1.50. The second scenario is bullish: the pair could extend the upside and push to 1.5300 and 1.5380. Given the USD bullish potential, we tend to the first, bearish scenario.
Next week on Tuesday, we’ll pay attention to the UK and US inflation data. Make sure you don’t miss the UK retail sales on Thursday.
Chart. H4 GBP/USD