Hot forecast of GBP/USD for November 16

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Hot forecast of GBP/USD for November 16

Hot forecast of GBP/USD for November 16

GBP/USD is drifting lower after having the dollar eased earlier. The Cable hit a session high of 1.3242 this morning. The outlook for the sterling is still mixed and will likely remain the same. GBP/USD is trading below 1.32, falling from the highs after UK PM Johnson said that his country can prosper even without a Brexit deal. The talks are underway in Brussels.

Hot forecast of GBP/USD for November 16

For now, the Cable buyers are being challenged, trying to keep the bullish near-term bias on a test of the nearest resistance at 1.322 , 1.33 and support at 1.311 on the 4-hour chart. A breach above 1.322 could lead the Cable to test the November swing high .

On the flip side, a break below 1.311 may awaken the bears to test the ascending supporting trendline since the September round mark.at 1.300.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/195461/