GBP/USD Price forecast for the week of November 27, 2017, Technical Analysis

The British pound initially pulled back during the week, but then reach towards the 1.3333 handle, where it ran into a bit of resistance. If we can break above the top of the range for the week, the market should continue to go higher, perhaps reaching towards the 1.35 handle, and then the 1.3650 level after that. In general, I believe that we will break above the resistance at the 1.3650 level, but is going to take some significant work to do so. Because of this, I think that it’s only a matter of time before the move happens, and it could send this market rocketing much higher. However, in the meantime I think that short-term pullbacks will be buying opportunities giving us an opportunity to pick up a bit of value. The uptrend line continues to hold the market higher, and therefore I think that selling is all but impossible. This will be especially true if you are thinking long term.

Once we break above the 1.3650 level, the market is free to go much higher, with the first on being the 1.40 level. After that, we should then go to the 1.50 level after that. If we were to break down below the uptrend line, that would be very negative, and send this market much lower, perhaps down to the 1.30 level where we should see quite a bit of bullish pressure as well. With the US dollar falling in general, it makes sense that the pair should continue to go higher, especially considering that the US Congress cannot seem to pass a significant tax bill, which has been putting a lot of selling pressure on the greenback. In general, this market should continue to be very bullish.

GBP/USD Video 27.11.17