DAILY NOTION - FXSTREET - GBP/USD Forecast - Nov 11, 2020
GBP/USD is trying to settle above the nearest resistance level at 1.3270.
GBP/USD gained strong upside momentum and is testing the resistance at 1.3270 while the U.S. dollar is mostly flat against a broad basket of currencies.
What's next?
GBP/USD is currently testing the nearest resistance level at 1.3270. It has already made several attempts to settle above this level but failed to gain sufficient upside momentum.
If GBP/USD manages to settle above 1.3270, it will move towards the next resistance level at 1.3325. A move above the resistance at 1.3325 will open the way to the test of the resistance at 1.3400.
Note that there are no significant levels between 1.3325 and 1.3400 so GBP/USD may quickly get to the test of the resistance at 1.3400. In addition, RSI is still in the moderate territory despite the recent upside move so there is plenty of room to gain momentum in case the right catalysts emerge.
On the support side, GBP/USD may get some support at 1.3210. A move below this level will push GBP/USD towards the stronger support level at 1.3180. If GBP/USD declines below 1.3180, it will head towards the support at 1.3140.
Original analysis: https://www.fxempire.com/forec...
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