Home Forex Analysis And Forecasts GBP/USD Forecast: upward correction underway

GBP/USD Forecast: upward correction underway

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The GBP/USD started the week plummeting to 1.4493, a fresh multi-year low, recovering ground, however, following the London opening. With no data released in the UK, the recovery is merely corrective considering that the pair has been falling steadily for eight days in-a-row.

As for the technical outlook, the 4 hours chart shows that a strongly bearish 20 SMA, continues capping the upside at 1.4585, a couple pips above the so far daily high, while the technical indicators have bounced from oversold levels, but remain within bearish territory. Should the price overcome the mentioned resistance, the pair will likely spike up to 1.4620, the next short term resistance, whilst beyond this last, 1.4660 is the next probable bullish target.

To the downside, 1.4530 is the immediate support, with a break below it required to confirm a new leg south towards 1.4490, and even lower, towards 1.4450.

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