GBP to USD Forecast – British Pound Chops Back and Forth to Kick Off the Week

GBP to USD Forecast Video for 29.11.22

British Pound vs US Dollar Technical Analysis

The British pound has gone back and forth during the course of trading on Monday, as we try to figure out what to do with the idea of the 200-Day EMA sitting right there. It is obviously an indicator that a lot of people pay attention to, so it’ll be interesting to see whether or not this is the end of the relief rally in the British pound, or if it’s going to end up being a more significant trend change. I think at this point a lot of people were going to be paying close attention to the 1.22 level, which is an area that is a large, round, psychologically significant figure, and also an area where we have seen a previous double top. In that scenario, things get quite interesting as we try to figure out what to do with ourselves.

If we break down below the 1.20 level, then I think it’s very likely that we pull back to the 1.18 level. The 1.18 level had seen a certain amount of support and resistance in the past, so I think that’s a little bit of a battleground setting up, although I don’t necessarily think that it is going to be a major one. Breaking down below there opens up the possibility of moving down to the 1.16 level, which is basically where the 50-Day EMA sets. After that, then you have the 1.15 level that obviously carries a lot of psychology attached to it.

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