GBP/USD Price Forecast – British Pound Pierces Previous Support

The British pound has broken down a bit during the course of the trading session on Tuesday, as we continue to see a lot of negative pressure. The US dollar is like a wrecking ball through the Forex world, and as long as that is going to be the case, I think we will continue to see a lot of downward pressure in this market. After all, the Bank of England has already stated that it is not ready to start tapering, while the Federal Reserve has already started doing so. If that is going to be the case, it is only a matter of time before this pair falls yet again.

GBP/USD Video 24.11.21

To the upside, the 1.35 level will continue to be resistance, just as we had seen that area offer it the last time we got there. Above there, then the 1.36 level also offers resistance, probably more significantly so. It is in that premise that I look at this market as a “sell on the rallies” type of situation, with the most likely of outcomes being one that will be this market grind it much lower, perhaps down to the 1.30 level by the time this entire move it is done. It is not until we break above the 1.36 level that I would consider buying this pair, something that I have a hard time believing is going to happen in the short term. Because of this, I simply will be patient enough to see signs of exhaustion after short-term rallies that I can take advantage of.

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