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Forex Analysis & Reviews: GBP/USD dropped as expected
time 29.10.2021 09:33 PM
time Relevance up to, 30.10.2021 09:33 PM

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GBP/USD deeper drop in view

The GBP/USD pair registered a strong drop after retesting the uptrend line and the downtrend line. In my previous analysis, I've told you that the pair could develop a larger drop if it declined below the 1.3722 level.

Also, I've said that GBP/USD could come back to test and retest the uptrend line before dropping deeper. Failing to stabilize above the downtrend line signaled that it could still develop a larger downside movement.

GBP/USD forecast

Its aggressive drop below 1.3722 former low (downside obstacle) was seen as a selling opportunity. In the short term, the GBP/USD could try to increase a little after the current sell-off. A minor rebound towards 1.3722 could bring new selling opportunities.

As long as it stays below 1.3722, GBP/USD could extend its drop towards the next major downside target represented by the 1.3600 psychological level.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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